Bill > SB2458

This bill creates a Quantum Information Science Research and Development Tax Credit Program designed to promote quantum science research and development in Illinois. Specifically, the bill establishes that for taxable years ending on or after December 31, 2026, businesses can receive a tax credit equal to 13% of their qualifying quantum information science expenditures. These expenditures are defined as research activities specifically related to advancing quantum information science in Illinois that would qualify under the federal credit for increasing research activities. The total aggregate amount of credits awarded is capped at $25,000,000 per calendar year, and businesses must apply to the Department of Commerce and Economic Opportunity to receive the credit. Taxpayers can carry forward any unused credits for up to five years, and they cannot claim both this credit and the existing research and development credit for the same expenditures. The bill aims to position Illinois as a leader in quantum information science by providing a financial incentive for businesses to invest in this emerging technological field, with the goal of supporting advanced research and development in quantum computing and related technologies.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2458&GAID=18&DocTypeID=SB&SessionID=114&GA=104