Bill Status of SB3081 93rd General Assembly
Short Description: INC TAX-BUSINESS DEDUCT & CRDT
Sen. Jeffrey M. Schoenberg, Debbie DeFrancesco Halvorson and Bill Brady
| 1/11/2005||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends 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.