Bill > HB3661

This bill establishes the Quantum Information Science Research and Development Tax Credit Program to incentivize and support quantum science research in Illinois. The legislation creates a tax credit equal to 13% of qualifying quantum information science expenditures for taxpayers, which are defined as research-related expenses that meet federal research activity credit standards and are conducted within the state. The program will be available for taxable years ending on or after December 31, 2026, with a total aggregate credit limit of $25 million per calendar year. Taxpayers must apply to the Department of Commerce and Economic Opportunity for a credit certificate, and any unused credits can be carried forward for up to 5 years. The bill aims to position Illinois as a leader in quantum information science by providing financial incentives for businesses and research institutions investing in this cutting-edge technological field. Importantly, taxpayers cannot claim both this quantum science research credit and the existing research and development credit for the same expenditures, preventing duplicate tax benefits. The Department of Commerce and Economic Opportunity, in consultation with the Department of Revenue, will develop rules to implement and administer the program.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3661&GAID=18&DocTypeID=HB&SessionID=114&GA=104