Changes which affect Illinois business tax returns can be found on the Illinois Department of Revenue website and include:
- Mailing address – required for Forms IL-990-T, IL-1023-C, IL-1041, IL-1065, IL-1112 and IL-1120-ST.
- Form IL-1120 – new address for filing with a payment attached.
- Illinois net loss deduction (NLD) – previously suspended for corporations (excluding S corporations) through 2014, the Illinois NLD is allowed for tax years ending on or after Dec. 31, 2012 up to $100,000; Schedules NLD and UB/NLD have been modified accordingly.
- Schedules INS and UB/INS – tax reduction calculated on these schedules is now presented as a reduction in tax in Step 8 lines 50a and 51a, and should not be applied directly to Form IL-1120, lines 50 or 51.
- Income allocable to Illinois – calculation has been modified to distinguish whether base income or loss is derived inside Illinois, outside Illinois or a combination of both.
- Schedules 1299-A, 1299-B and 1299-D – some subtractions and credits have been modified, and a Hospital Credit is available on Schedules 1299-A and 1299-D for tax years ending on or after Dec. 31, 2012.
- Schedule M – includes bonds issued by the Will-Kankakee Regional Development Authority under the Will-Kankakee Regional Development Authority Law.
- Form IL-477 – requires attachment of Schedule K-1-P when claiming a distributive share of replacement tax investment from partnerships or S corporations.
- Schedule 4255 – modified regarding reporting of amount of recapture passed through to a partner/shareholder.
- Schedules K-1-P and K-1-T – expanded so that grantor trusts and other federally disregarded entities can identify the taxpayers reporting the income/loss shown on Schedules K-1-P or K-1-T.
- Software vendors/e-filers – electronic filing of Form IL-1065 and accompanying schedules is available for tax years ending on or after Dec. 31, 2012.
