summary
Introduced
01/31/2023
01/31/2023
In Committee
03/15/2024
03/15/2024
Crossed Over
Passed
Dead
01/08/2025
01/08/2025
Introduced Session
103rd 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 (R&D) credit by basing the increase in R&D activities on an increase over 50% (instead of 100%) of the average of the qualifying expenditures for each year in the base period. The bill also provides that the R&D credit applies on a permanent basis, effective immediately.
Committee Categories
Budget and Finance
Sponsors (7)
Don DeWitte (R)*,
Neil Anderson (R),
Dale Fowler (R),
Win Stoller (R),
Dave Syverson (R),
Sally Turner (R),
Craig Wilcox (R),
Last Action
Session Sine Die (on 01/07/2025)
Bill Topics
Macroeconomics
- ‐ Industrial Policy
- ‐ Taxation, Tax Policy, and Tax Reform
Space, Science, Technology, and Communications
- ‐ Research and Development
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=163&GAID=17&DocTypeID=SB&SessionID=112&GA=103 | 01/31/2023 |
| BillText | https://www.ilga.gov/legislation/103/SB/10300SB0163.htm | 01/31/2023 |
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