summary
Introduced
01/18/2022
01/18/2022
In Committee
02/10/2022
02/10/2022
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:
1. Increase the research and development tax 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, rather than 100%.
2. Provide that the research and development tax credit applies on a permanent basis.
The bill is effective immediately.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Added as Co-Sponsor Sen. Suzy Glowiak Hilton (on 03/08/2022)
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=3453&GAID=16&DocTypeID=SB&SessionID=110&GA=102 | 01/19/2022 |
| BillText | https://www.ilga.gov/legislation/102/SB/10200SB3453.htm | 01/19/2022 |
| Bill | https://www.ilga.gov/legislation/102/SB/PDF/10200SB3453.pdf | 01/19/2022 |
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