You may take this credit if:

• your business has been designated as a high impact business;
• you placed qualified property in service on or after the date the business was designated as a high impact business and on or before the last day of your tax year; and
• you continued to use the qualified property on the last day of your tax year.

You may not take this credit:

• if the property is eligible for the enterprise zone investment credit,
• until the minimum investments in qualified property required under Section 5.5 of the Illinois Enterprise Zone Act have been satisfied.

You should take the credit applicable to the minimum investments in the tax year the minimum investments were completed. Credit for additional investments (beyond the minimum investments) is available only in the year the qualified property is placed in service.

Enter the date, including the month and year, each item of qualified property was placed in service in Illinois. An item is placed in service on the earlier of:

• the date the item is placed in a condition or state of readiness and availability for its specifically assigned function, or
• the date the depreciation period of the item begins. (Generally, this will be the same date the item is placed in service for purposes of the federal depreciation deduction.)

If you are using the federal accelerated cost recovery system (ACRS) to depreciate the property, enter the ACRS class assigned to each item of qualified property. Property assigned to an ACRS class of less than four years is not qualified.

If you are not using the ACRS method to depreciate the property, enter the useful life assigned to the property for federal depreciation purposes. The useful life of the property when placed in service must be four or more years to qualify.

Indicate whether each item of qualified property is new or used. If the property was previously used, enter the abbreviation of the state where the property was located.

For each item of property, enter the basis used to figure the depreciation deduction for federal income tax purposes.

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