Illinois General Assembly - Bill Status for SB3600

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Bill Status of SB3600 97th General Assembly

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Short Description: INC TX-ALTERNATE R&D CREDIT

Senate Sponsors
Sen. Mike Jacobs

Last Action

Date	Chamber	Action
1/8/2013	Senate	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/201

from Ch. 120, par. 2-201

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2013, the credit allowed for increasing research activities in the State shall be in an amount equal to 10% (now, 6 1/2%) of qualifying expenditures. Deletes language providing that the credit shall be allowed only for taxable years ending prior to January 1, 2016. Provides that, if the amount of the credit exceeds the income tax liability for the applicable tax year, then the excess credit shall be refunded to the taxpayer. Provides that, in place of the credit for increasing research activities, a taxpayer may elect to claim a credit in an amount equal to 20% of the amount of the federal research credit allowed to the taxpayer for the taxable year multiplied by the State's apportioned share of the qualifying expenditures for increasing research activities for the taxable year. Effective immediately.

Actions

Date	Chamber	Action
2/10/2012	Senate	Filed with Secretary by Sen. Mike Jacobs
2/10/2012	Senate	First Reading
2/10/2012	Senate	Referred to Assignments
2/22/2012	Senate	Assigned to Revenue
3/1/2012	Senate	To Revenue Subcommittee on Tax Credits
3/9/2012	Senate	Rule 2-10 Committee Deadline Established As March 30, 2012
3/30/2012	Senate	Rule 3-9(a) / Re-referred to Assignments
1/8/2013	Senate	Session Sine Die

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