Instructions for Schedule 4255 Recapture of Investment Tax Credits - Illinois

This document contains official instructions for Schedule 4255 , Recapture of Investment Tax Credits - a form released and collected by the Illinois Department of Revenue.

FAQ

Q: What is Schedule 4255?
A: Schedule 4255 is a tax form used to calculate the recapture of investment tax credits in Illinois.

Q: What are investment tax credits?
A: Investment tax credits are credits that can be claimed by individuals or businesses for certain qualified investments.

Q: When is Schedule 4255 used?
A: Schedule 4255 is used when there is a recapture of investment tax credits in Illinois.

Q: What is recapture?
A: Recapture is the process of reclaiming or recovering previously claimed tax credits.

Q: Who needs to file Schedule 4255?
A: Individuals or businesses who need to recapture investment tax credits in Illinois need to file Schedule 4255.

Q: What happens if I don't file Schedule 4255?
A: Failing to file Schedule 4255 when required may result in penalties or interest charges imposed by the Illinois Department of Revenue.

Q: Can I seek professional help to file Schedule 4255?
A: Yes, it is recommended to seek professional help from a tax advisor or accountant if you need assistance in filing Schedule 4255 or have any questions regarding the process.

Q: Are there any special considerations for Schedule 4255?
A: Yes, Schedule 4255 requires specific information regarding the recapture of investment tax credits, so it is important to review the instructions and gather all necessary documentation before filling out the form.