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Form 4562 Illinois: What You Should Know

You can still claim the 10 percent deduction even if you elect to have the special depreciation used for federal income tax purposes. 2021 Form IL-4562 Special Depreciation Additional information, as well as your options, are available at the following webpages: Form IL-4562 Instructions for Tax Year 2016, Form IL-4562 Instructions for Tax Year 2015, Form IL-4562 Instructions for Tax Year 2014, and Form IL-4562 Instructions for Tax Year 2013. The Special Depreciation for the Illinois Classified Service Employees (Class II) was also discussed in the 2023 Annual Report of the Tax Information Processing Center and the 2023 Annual Report and 2013-14 Form IL-4562 Special Depreciation (Form IL-4562, Special Depreciation) were filed in 2023 for this class of individuals.

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