summary
Introduced
02/23/2021
02/23/2021
In Committee
04/16/2021
04/16/2021
Crossed Over
Passed
Dead
04/08/2022
04/08/2022
Introduced Session
102nd 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 amends the Illinois Income Tax Act to increase the research and development credit by basing the increase in research and development activities on 50% of the average of the qualifying expenditures for each year in the base period, instead of 100% of the average. The bill also provides that the research and development credit applies on a permanent basis, effective immediately.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Rule 3-9(a) / Re-referred to Assignments (on 04/16/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=491&GAID=16&DocTypeID=SB&SessionID=110&GA=102 | 02/24/2021 |
| BillText | http://www.ilga.gov/legislation/102/SB/10200SB0491.htm | 02/24/2021 |
| Bill | http://www.ilga.gov/legislation/102/SB/PDF/10200SB0491.pdf | 02/24/2021 |
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