Illinois DOR Releases Updated Instructions on 2021 Form IL-4562, Special Depreciation

The Illinois Department of Revenue June 9 issued updated instructions on 2021 Form IL-4562, Special Depreciation, for individual income, corporate income, and trust income tax purposes. The form should be filed by taxpayers who file an income or replacement tax return and report special depreciation on their federal Form 4562, Depreciation and Amortization, or Form 2106, Employee Business Expenses. [Ill. Dep’t of Revenue, 2021 Form IL-4562 Instructions, 06/09/22]

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