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DOR: Enterprise Zone Forms

DOR: Enterprise Zone Forms 2025

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The document is Schedule IT-40QEC, a form from the Indiana Department of Revenue for claiming the Enterprise Zone Qualified Employee Deduction. It outlines the requirements for an employee to be considered 'qualified' and details how employers should complete and distribute the form to employees. The deduction allows qualified employees living and working in designated enterprise zones to deduct half of their earned income or up to $7,500 from their state adjusted gross income. The document also includes instructions for submission and emphasizes confidentiality of the records.

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What is enterprise zone credit?

Enterprise Zones (EZs) The original intent of most EZ programs was to encourage businesses to stay, locate, or expand in depressed areas to help revitalize them. EZ subsidies often include a variety of corporate income tax credits, property tax abatements, and other tax exemptions and incentives.

What are the disadvantages of enterprise zones?

Some studies have found that enterprise zones can increase export levels for the countries that establish them and for countries that trade with them. Enterprise zones also have been criticized for creating excessive and expensive bureaucracy.

What is the investment tax credit in Illinois?

The Illinois Angel Investment Tax Credit Program offers tax credits to qualifying claimants in an amount equal to either 25% or 35% of the claimants eligible investments made directly in a qualified new business venture, depending on whether a business qualifies as a Set-Aside.

What is the enterprise zone investment tax credit in Illinois?

What is the enterprise zone investment tax credit? The Illinois Income Tax Act 35 ILCS 5/201, as amended allows a . 5 percent credit against the state income tax for investments in qualified property, which is placed in service in an enterprise zone.

Who qualifies for the Illinois property tax credit?

your principal residence must have been in Illinois during the prior year, you must have owned your principal residence, and. your property tax bill must have been paid during the taxable year.

What is the Texas Enterprise Zone Program?

The Texas Enterprise Zone Program (EZP) is a state sales and use tax refund program designed to encourage private investment and job creation in economically distressed areas of the state.

What is the enterprise zone tax credit in Illinois?

Investment Tax Credit Businesses located within an enterprise zone may claim an extra 0.5% of the cost (basis) of qualified depreciable property placed in service in the Enterprise Zone as a credit on their state income taxes.

What does enterprise zone status mean?

Enterprise zones (EZs) are geographic areas in which companies can qualify for a variety of subsidies. The original intent of most EZ programs was to encourage businesses to stay, locate, or expand in depressed areas to help revitalize them.

DOR: Enterprise Zone Forms 2025

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What is enterprise zone credit?

What are the disadvantages of enterprise zones?

What is the investment tax credit in Illinois?

What is the enterprise zone investment tax credit in Illinois?

Who qualifies for the Illinois property tax credit?

People also ask

What is the Texas Enterprise Zone Program?

What is the enterprise zone tax credit in Illinois?

What does enterprise zone status mean?

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DOR: Enterprise Zone Forms 2025

Here's how it works

The easiest way to modify DOR: Enterprise Zone Forms in PDF format online

See more DOR: Enterprise Zone Forms versions

Complete this form in 5 minutes or less

Got questions?

What is enterprise zone credit?

What are the disadvantages of enterprise zones?

What is the investment tax credit in Illinois?

What is the enterprise zone investment tax credit in Illinois?

Who qualifies for the Illinois property tax credit?

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People also ask

What is the Texas Enterprise Zone Program?

What is the enterprise zone tax credit in Illinois?

What does enterprise zone status mean?

Related links

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