Illinois DOR Releases Updated Income Tax Instructions on 2022 Form IL-4562, Special Depreciation

The Illinois Department of Revenue July 21 released updated instructions on 2022 Form IL-4562, Special Depreciation, for corporate income, trust income, and individual income purposes. The updated instructions provide that: 1) the form has been modified to include calculations for property placed in service after Dec. 31, 2022, and before Jan. 1, 2024, subject to 80 percent federal bonus depreciation; and 2) the information is updated to clarify instructions for filers with tax years on or after Dec. 31, 2021. [Ill. Dep’t of Revenue, 2022 Form IL-4562, Special Depreciation, Instructions, 07/21/23]

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