Illinois General Assembly - Bill Status for HB5439
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 Bill Status of HB5439  98th General Assembly

Short Description:  INC TX-R AND D CREDIT

House Sponsors
Rep. David McSweeney - Ed Sullivan, Jr. - Keith P. Sommer - Joe Sosnowski

Last Action
DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/201from Ch. 120, par. 2-201

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that the research and development credit applies on a permanent basis. Provides that the credit may be carried forward for a period of 20 years (instead of 5 years). Increases the amount of the research and development credit by providing that the increase in qualifying expenditures shall be an increase over 50% (instead of 100%) of the average of the qualifying expenditures for each year in the base period. Effective immediately.

DateChamber Action
  2/11/2014HouseFiled with the Clerk by Rep. David McSweeney
  2/11/2014HouseFirst Reading
  2/11/2014HouseReferred to Rules Committee
  2/19/2014HouseAdded Chief Co-Sponsor Rep. Ed Sullivan, Jr.
  2/20/2014HouseAdded Chief Co-Sponsor Rep. Keith P. Sommer
  2/27/2014HouseAdded Chief Co-Sponsor Rep. Joe Sosnowski
  12/3/2014HouseSession Sine Die

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