INC TAX-BUSINESS DEDUCT & CRDT Senate SponsorsSen. Jeffrey M. Schoenberg, Debbie DeFrancesco Halvorson and Bill Brady 1/11/2005SenateSession Sine Die 35 ILCS 5/203from Ch. 120, par. 2-20335 ILCS 5/216 new35 ILCS 5/217 newAmends the Illinois Income Tax Act. Allows corporations to take an income tax deduction in an amount equal to all amounts paid to Illinois research institutions during the taxable year for the purpose of fostering research and development in high technology leading to the development of new products and services that can be marketed by Illinois businesses. Creates a new business technology development credit for Illinois small business concerns that have been doing business for 4 years or less and that conduct primarily all of their business operations in Illinois in the amount of 25% of all qualified research expenses for Illinois high technology research and development activities leading to the development of new or improved products and services that can be marketed by Illinois businesses. Creates a high technology research credit for qualifying high technology research activities in this State. Provides that a taxpayer may not claim both credits for the same taxable year. Effective immediately. 2/6/2004SenateFiled with Secretary by Sen. Jeffrey M. Schoenberg 2/6/2004SenateFirst Reading 2/6/2004SenateReferred to Rules 2/19/2004SenateAdded as Co-Sponsor Sen. Debbie DeFrancesco Halvorson 2/25/2004SenateAdded as Co-Sponsor Sen. Bill Brady 1/11/2005SenateSession Sine Die