summary
Introduced
02/14/2020
02/14/2020
In Committee
03/12/2020
03/12/2020
Crossed Over
Passed
Dead
01/13/2021
01/13/2021
Introduced Session
101st General Assembly
Bill Summary
Amends the Illinois Income Tax Act. Increases the research and development credit by providing that the increase in research and development activities shall be based on an increase over 50% of the average of the qualifying expenditures for each year in the base period (instead of 100% of the average of the qualifying expenditures for each year in the base period). Provides that the research and development credit applies on a permanent basis. Effective immediately.
AI Summary
This bill increases the research and development credit by basing the credit increase on 50% of the average of the qualifying expenditures for each year in the base period, rather than 100%. It also provides that the research and development credit will apply on a permanent basis, with no end date. The bill is effective immediately.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Session Sine Die (on 01/13/2021)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3723&GAID=15&DocTypeID=SB&SessionID=108&GA=101 | 01/14/2021 |
| State Bill Page | http://www.ilga.gov/legislation/BillStatus.asp?DocNum=3723&GAID=15&DocTypeID=SB&SessionID=108&GA=101 | 02/15/2020 |
| BillText | http://www.ilga.gov/legislation/101/SB/10100SB3723.htm | 02/15/2020 |
| Bill | http://www.ilga.gov/legislation/101/SB/PDF/10100SB3723.pdf | 02/15/2020 |
Loading...