INC TX-R AND D CREDIT

HB 1602 makes Illinois' research and development (R&D) tax credit permanent, eliminating its previous expiration date. This directly affects Illinois businesses that conduct qualifying R&D activities, allowing them to continue claiming the credit without future renewal. The bill amends the Illinois Income Tax Act to establish the credit as a permanent provision, effective immediately. Businesses will no longer need to track temporary expiration dates for this tax benefit.