INC TAX-RESEARCH & DEV CREDIT
Synopsis of Bill as introduced:
Amends the Illinois Income Tax Act. Provides that the research
credit shall be for research activities in this State (now, only for
the increase from previous years in research activities in this
State). Defines "qualifying expenditures" as qualified research
expenses, as defined in the Internal Revenue Code, if the research
activities are conducted by an entity that has its primary office in
this State. Provides that "qualifying expenditures" include
intellectual property development and protection expenditures in the
United States and foreign countries incurred for the purpose of
protecting the results of research activities. Changes the sunset date
of the credit from December 31, 2004 to December 31, 2014. Effective
January 1, 2001.
SENATE AMENDMENT NO. 1.
Removes all of the amendatory changes in the introduced bill
except the extension of the sunset date from December 31, 2004 to
December 31, 2014.
SENATE AMENDMENT NO. 3.
Changes the sunset of the credit from December 31, 2014 to
December 31, 2010.
Last action on Bill: SESSION SINE DIE
Last action date: 01-01-09
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 2
END OF INQUIRY
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