Bill > HB4513

This bill makes the research and development (R&D) credit, which is a tax credit for businesses that invest in research and development activities in Illinois, a permanent provision in the Illinois Income Tax Act. Previously, this credit had an expiration date, meaning it would have ended on January 1, 2032, but this legislation removes that expiration, ensuring its availability indefinitely. The R&D credit is calculated based on qualifying expenditures for increasing research activities in the state, and any unused credit can be carried forward for a limited time. This change is intended to provide long-term certainty for businesses investing in innovation within Illinois.