Schedule 1299-B: River Edge Redevelopment Zone or Foreign Trade Zone (or sub-zone) Subtractions (for corporations and fiduciaries) (2025)
Illinois · Illinois DOR · Used for tax years 2025
Illinois Schedule 1299-B calculates River Edge Redevelopment Zone and High Impact Business within a Foreign Trade Zone (or sub-zone) dividend subtractions for corporations and fiduciaries. It also calculates contribution subtractions for corporations and interest subtractions for
Who files this form
Schedule 1299-B is for corporations and fiduciaries reporting the zone-related subtractions listed on the form. Attach it to Form IL-1120 or Form IL-1041.
- Form IL-1041 filers: Use Step 1 for River Edge Redevelopment Zone and High Impact Business within a Foreign Trade Zone (or sub-zone) dividend subtractions.
- Form IL-1120 filers: Use Step 2. This step lists federal Forms 1120, 1120-F, 1120-L, and 1120-PC.
- Interest subtractions: These portions are for Form IL-1120 financial organizations only.
What you'll need
Have your Form IL-1120 or IL-1041 available, along with your name as shown on that return, federal employer identification number (FEIN), and tax year ending month and year.
Depending on the subtraction you report, you will also need:
- Dividends: Corporation and zone names, dividend amounts, and, for Step 2, dividend deduction amounts.
- Contributions: Zone name, zone organization, and contribution amount.
- Interest: Borrower, property securing the loan, year of investment credit, zone of the secured property, property basis, loan amount, and total interest.
Attach Schedule(s) K-1-P or K-1-T for distributive shares of dividend subtractions. For distributive shares of contribution or interest subtractions from S corporations, attach Schedule(s) K-1-P.
How to file
Enter your identifying information and complete the step for your return type. Attach Schedule 1299-B to Form IL-1120 or IL-1041, along with the required K-1 schedules.
For Form IL-1041: Report the beneficiaries’ share and your share of the River Edge dividend subtraction on Lines 17a and 17b. Report those shares of the High Impact Business dividend subtraction on Lines 18a and 18b.
For Form IL-1120: Transfer the Schedule 1299-B totals as follows:
- Line 11 to Form IL-1120, Line 11.
- Line 14 to Form IL-1120, Line 13.
- Line 17 to Form IL-1120, Line 15.
- Line 20 to Form IL-1120, Line 12.
- Line 23 to Form IL-1120, Line 14.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Leaving out required information: The form warns that disclosure is required and failure to provide information could result in a penalty.
- Missing K-1 attachments: The distributive-share lines specifically require Schedule(s) K-1-P or K-1-T, as applicable.
- Exceeding the interest calculation limit: For Lines 18 and 21, the result of Column E divided by Column F cannot exceed 1 before it is multiplied by Column G.
Questions people ask
Which step should I complete?
Step 1 is for Form IL-1041 filers. Step 2 is for Form IL-1120 filers.
How do I calculate the limitation ratio in Step 2?
Divide Line 7a by Line 7b and carry the result to six decimal places. Enter it on Line 8.
How is the contribution subtraction calculated?
On Line 15, multiply each contribution amount in Column C by 2 and enter the result in Column D. Add Column D, Lines 15a through 15c, and the distributive share on Line 16. Enter the total on Line 17 and Form IL-1120, Line 15.
Can any Form IL-1120 filer use the interest subtraction portions?
The form labels both interest subtraction portions for Form IL-1120 financial organizations only.