Marcum LLP
Tax & Business

Tax Credits & Incentives - Illinois

Watch and Money

Investment Tax Credit

This credit provides for a 0.5% credit against the State income tax for investments made in qualified property that is placed in a River Edge Redevelopment Zone (RERZ). The credit is only available in the taxable year in which the property is placed into service in the appropriate zone.

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Film Production Services Credit

This credit allows taxpayers to claim a film production services credit. The amount of the tax credit is equal to:
(A) 30% of the Illinois production spending for the taxable year; plus
(B) 15% of the Illinois labor expenditures for employees who earn more than $1,000 on the production and live in areas of high poverty.
The state requires an application process and may require the hiring of Illinois college students as part of the program.

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Live Theater Production Tax Credit

Similar to the film production credit, taxpayers are able to claim a live theater production credit against income tax. The amount of the tax credit is equal to:
(A) 20% of the Illinois labor expenditure for the year; plus
(B) 20% of the Illinois production spending for each tax year; plus
(C) 15% of the Illinois labor expenditures for employees of high-poverty geographic areas.

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Student Assistance Contribution Credit

Expiring on December 30, 2020, this program allows a credit equal to 25% of matching contributions towards an individual Illinois College Savings Pool Account or Illinois Prepaid Tuition Trust Fund account. The credit cannot exceed $500 per contributing employee per taxable year.

Economic Development for a Growing Economy (EDGE) Tax Credit

Provides an income tax credit to businesses creating new jobs and making capital investments. The amount of the credit varies and is agreed upon between the taxpayer and the Department of Commerce. To qualify, a company must show that there is competition with another state and agree to make an investment of at least $5 million in capital improvements. The company must also create a minimum of 25 new full-time jobs in Illinois. If the company employs fewer than 100 people,  the threshold for the credit is lowered to an investment of $1 million and the creation of five new full-time jobs in the state.

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High Impact Business

This credit is designed to encourage large-scale economic growth and development activities by providing tax credits to companies that make substantial capital investments and create jobs. The credits that a company can be eligible for include: investment tax credits and a state sales tax exemption on business material, purchases of personal property used in the operation, and utilities.
To be eligible, the project must involve a minimum $12 million investment causing the creation of 500 full-time jobs, or an investment of $30 million with the retention of 1500 full-time jobs.
Additionally, a retailer who sells building materials to a company that will be become a High Impact Business can deduct receipts from the corresponding sales when calculating SALT.

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Illinois Affordable Housing Tax Credit

Expiring in December 2016, a taxpayer who makes a donation under the Illinois Housing Development Act for affordable housing development is eligible for an income tax credit. The credit amounts to 50% of the donation.

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River Edge Redevelopment Zone site Remediation Tax Credit

This credit applies to income for certain amounts paid for unreimbursed remediation costs. These costs must be approved by the IEPA and be paid for remediation within a River Edge Redevelopment Zone. The credit is not available if the taxpayer or any related party caused or contributed to a release of any substance in the site. The credit is equal to 25% of the unreimbursed eligible remediation in excess of $100,000 per site.

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Property Tax Credit

This is a credit on the taxpayer's individual tax return equal to 5% of the Illinois Property Tax paid on a principal residence. The taxpayer must own the residence to take this credit.

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Tax Flash - Tax Credits & Incentives

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Research & Development Credit

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NBC Nightly News interviewed New York Tax Leader Maury Cartine for a story about how much President Trump stands to potentially save under the GOP tax plan.

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NBC News asked Marcum to analyze the impact of the House Tax Cuts & Jobs Act on the 2005 federal tax return of Donald Trump, and reported the Firm's findings.

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State & Local Taxation

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2017 Marcum Year-End Tax Guide Now Available


Press Release

2017 Marcum Year-End Tax Guide Now Available

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Bloomberg Markets spoke with Tax Partner Shaun Blogg, Marcum's office managing partner in West Palm Beach, FL, about the impact of tax reform for businesses and individual taxpayers.

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Bloomberg Markets asked Tax Principal Michael D'Addio onto the program to discuss the prospects for the House and Senate tax bills.

Bloomberg Markets asked Tax Principal Michael D'Addio onto the program to discuss the prospects for the House and Senate tax bills.

The Philadelphia Inquirer interviewed Jeffrey Winkleman, partner-in-charge of corporate taxation, and Steve Brett, president of Marcum Financial Services, for an article about the proposed cap on 401(k) contributions.


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The Philadelphia Inquirer interviewed Jeffrey Winkleman, partner-in-charge of corporate taxation, and Steve Brett, president of Marcum Financial Services, for an article about the proposed cap on 401(k) contributions.

Wall Street can't be happy about Congress' proposal to cap our yearly 401k contributions at $2,400 - thats the tax-deferred amount we would be able ....

Forbes interviewed Tax Partner Janis Cowhey about the increased lifetime estate and gift tax exemption.


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Forbes interviewed Tax Partner Janis Cowhey about the increased lifetime estate and gift tax exemption.

Its official. For 2018, the estate and gift tax exemption is $5.6 million per individual, up from $5.49 million in 2017. That means an individual ....

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Tax Flash

Employee Retention Credits under the Disaster Tax Relief and Airport and Airway Extension Act of 2017

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IRS and Treasury to Withdraw Proposed Regulations that Would Affect Discounts Applied to Transfers of Family-Owned Businesses


Tax Flash

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On October 2, 2017, The Trump Administration issued Executive Order 13789. Included in this Executive Order, the IRS and the Treasury establish that they will ....

The New York Post interviewed Tax Leader Joseph Perry about the impact of potentially losing the deductions for mortgage interest, property taxes, and state and local taxes.


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The New York Post interviewed Tax Leader Joseph Perry about the impact of potentially losing the deductions for mortgage interest, property taxes, and state and local taxes.

Homeowners would get a choice between deducting property taxes or mortgage interest on their federal tax returns as Republicans on Tuesday discussed modifications to the ....

Financial Advisor magazine spoke with Tax Partner John Mezzanotte about how to help clients save taxes on required minimum distributions from IRA accounts.


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Financial Advisor magazine spoke with Tax Partner John Mezzanotte about how to help clients save taxes on required minimum distributions from IRA accounts.

Once your client reaches age 70 1/2, he or she must take required minimum distributions (RMDs) annually from taxable IRA and 401(k) accounts.

WCBS-TV 2 interviewed Tax Partner Robert Spielman about the impact of the new Tax Reform Framework on Long Island homeowners.


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WCBS-TV 2 interviewed Tax Partner Robert Spielman about the impact of the new Tax Reform Framework on Long Island homeowners.

President Donald Trump calls his tax reform plan a middle class miracle. But the elimination of most deductions, including state and local taxes, has some ....

The Long-Awaited Tax Proposal: The Unified Framework for Fixing our Broken Tax Code


Tax Flash

The Long-Awaited Tax Proposal: The Unified Framework for Fixing our Broken Tax Code

On September 27, 2017, the Trump Administration and Republican leaders released a unified framework for tax reform that would make changes to both individual and ....

Tax Partner Robert Spielman wrote about maximizing your charitable contributions for his latest column in the Coconut Creek City News.


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Tax Partner Robert Spielman wrote about maximizing your charitable contributions for his latest column in the Coconut Creek City News.

There is seemingly no end to the solicitations we receive from qualified charitable organizations seeking our assistance.

CNBC spoke with Trusts & Estates Co-Leader David First about the proposed repeal of the estate tax.


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CNBC spoke with Trusts & Estates Co-Leader David First about the proposed repeal of the estate tax.

Donald Trump rallied the working class, but he is also championing one benefit favoring only the super-rich: eliminating the federal estate tax.

IRS Tax Relief for Hurricane Irma Victims


Tax Flash

IRS Tax Relief for Hurricane Irma Victims

The IRS is providing help to the victims of Hurricane Irma. Special tax relief and assistance is available to taxpayers in the Presidential Disaster Areas. ....

IRS has Provided Significant Relief for Taxpayers Affected by Hurricane Harvey


Tax Flash

IRS has Provided Significant Relief for Taxpayers Affected by Hurricane Harvey

As a result of the devastation caused by Hurricane Harvey, IRS has granted two significant forms of relief for those affected by the storm. The ....

The Tax Advisor published a semiannual review of recent developments in individual taxation, co-authored by Tax Director Don Zidik.


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The Tax Advisor published a semiannual review of recent developments in individual taxation, co-authored by Tax Director Don Zidik.

The IRS issued proposed regulations that update the definition of dependent to be consistent with Sec. 152 and reverse the IRS's previous position regarding when ....

Bloomberg TV's Daybreak America invited Tax Leader Joseph Perry back to the program to discuss Washington's agenda for tax reform.


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Bloomberg TV's Daybreak America invited Tax Leader Joseph Perry back to the program to discuss Washington's agenda for tax reform.

Joseph Perry, tax and business services leader at Marcum LLP, discusses the issues that he feels need to be tackled in order to achieve U.S. ....

Internal Use Software Regulations for the Research Tax Credit


Research & Development

Internal Use Software Regulations for the Research Tax Credit

In 2016, the Internal Revenue Service issued final regulations (T.D. 9786) regarding guidance on software that is developed primarily for a taxpayer’s internal use in ....

Tax Partner Paul Graney discussed a revision of the Pennsylvania Department of Revenue ruling on software support tax with Bloomberg BNA.


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Tax Partner Paul Graney discussed a revision of the Pennsylvania Department of Revenue ruling on software support tax with Bloomberg BNA.

The Pennsylvania Department of Revenue has revised a controversial letter ruling on computer software support, dialing back guidance in an earlier version that implied training ....

CNBC.com interviewed Tax Partner Janis Cowhey about funding pre-school education for grandchildren.


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CNBC.com interviewed Tax Partner Janis Cowhey about funding pre-school education for grandchildren.

Here's a way for boomers to share the wealth with their children and grandkids: Cover the cost of preschool and shake off gift taxes to ....

New Businesses or Start-Ups: Get Ready for the New Research and Development Credit Payroll Tax Offset


Tax Flash

New Businesses or Start-Ups: Get Ready for the New Research and Development Credit Payroll Tax Offset

The passing of the Protecting Americans from Tax Hike (PATH) Act of 2015 introduced many exciting changes related to the Research and Development (R&D) Tax ....

Tax Benefits of Hiring Veterans


Tax Credits & Incentives

Tax Benefits of Hiring Veterans

Our nation's veterans can provide businesses with various benefits, from leadership skills to work ethic and attention to detail. However, hiring veterans can also provide businesses ....

IRS Announces Guidance on Refundable Payroll Taxes of Research and Development Tax Credit Claims


Tax Credits & Incentives

IRS Announces Guidance on Refundable Payroll Taxes of Research and Development Tax Credit Claims

The IRS recently announced guidance regarding filing, claiming and reporting requirements related to the refundable Payroll Tax Credit provisions of the Research and Development (R&D) tax ....

Research & Development Tax Credit: Consider the Extension and Changes to Law When Preparing 2015 and 2016 Tax Returns


Tax Flash

Research & Development Tax Credit: Consider the Extension and Changes to Law When Preparing 2015 and 2016 Tax Returns

In December 2015, the Protecting Americans from Tax Hikes Act of 2015 ("Tax Extenders Bill") was signed into Law. The law includes an expansion of ....

New Florida R&D Tax Credit


Tax Flash

New Florida R&D Tax Credit

Tax Credits & Incentives Brochure

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Gary Rose, Partner-in-Charge, Tax Services -  Illinois, Tax & Business

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Tax Services - Illinois
Tax & Business
Deerfield, IL
 
2017 YEAR-END TAX GUIDE

The Marcum 2017 Year-End Tax Guide continues our tradition of providing timely tax guidance for the upcoming year.

 
 
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