SB 163 Illinois Senate · 103rd Regular Session

INC TX-R AND D CREDIT

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.

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2023

Committee Review

Floor Vote

Governor

Introduced Jan 31, 2023 Last action Mar 15, 2024

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 15, 2024

Committee

Rule 3-9(a) / Re-referred to Assignments

lower

Jan 10, 2024

Committee

Re-assigned to Revenue

lower

Mar 10, 2023

Committee

Rule 3-9(a) / Re-referred to Assignments

lower

Jan 31, 2023

Committee

Assigned to Revenue

lower

Jan 31, 2023

Committee

Referred to Assignments

lower

1 primary · 6 co-sponsors