Instructions for Schedule 1299-B River Edge Redevelopment Zone or Foreign Trade Zone (Or Sub-zone) Subtractions (For Corporations and Fiduciaries) - Illinois

This document contains official instructions for Schedule 1299-B , River Edge Redevelopment Zone or Foreign Trade Zone (Or Sub-zone) Subtractions (For Corporations and Fiduciaries) - a form released and collected by the Illinois Department of Revenue.

FAQ

Q: What is Schedule 1299-B?
A: Schedule 1299-B is a form used in Illinois for corporations and fiduciaries to claim subtractions related to River Edge Redevelopment Zones or Foreign Trade Zones (or Sub-zones).

Q: Who can use Schedule 1299-B?
A: Corporations and fiduciaries in Illinois who are eligible for subtractions related to River Edge Redevelopment Zones or Foreign Trade Zones (or Sub-zones) can use Schedule 1299-B.

Q: What are River Edge Redevelopment Zones?
A: River Edge Redevelopment Zones are designated areas in Illinois where redevelopment efforts are encouraged to stimulate economic growth and create jobs.

Q: What are Foreign Trade Zones?
A: Foreign Trade Zones are designated areas in the United States where businesses can import, export, and process goods with certain advantages like duty exemption or deferral.

Q: What is the purpose of Schedule 1299-B?
A: The purpose of Schedule 1299-B is to allow eligible corporations and fiduciaries in Illinois to claim subtractions related to activities in River Edge Redevelopment Zones or Foreign Trade Zones (or Sub-zones).

Q: What types of subtractions can be claimed on Schedule 1299-B?
A: On Schedule 1299-B, corporations and fiduciaries can claim subtractions for income attributable to qualified property, wages paid to qualified employees, and other specified subtractions related to the designated zones.

Q: Are there any limitations or conditions for claiming subtractions on Schedule 1299-B?
A: Yes, there are certain limitations and conditions for claiming subtractions on Schedule 1299-B. It is important to review the instructions and guidelines provided by the Illinois Department of Revenue to determine eligibility and requirements.

Q: What should be done with Schedule 1299-B once completed?
A: Once completed, Schedule 1299-B should be attached to the corporation or fiduciary's Illinois income tax return, along with any other required forms or documentation.

Q: Is professional tax assistance recommended for completing Schedule 1299-B?
A: While it is not mandatory, professional tax assistance is recommended for completing Schedule 1299-B to ensure accurate and compliant reporting of subtractions.