Illinois General Assembly - Bill Status for HB2948
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 Bill Status of HB2948  97th General Assembly

Short Description:  INC TX-R AND D CREDIT-EXTEND

House Sponsors
Rep. Michelle Mussman - Jehan A. Gordon - Mike Fortner, Jack D. Franks, Keith Farnham, Carol A. Sente and Linda Chapa LaVia

Last Action
DateChamber Action
  1/8/2013HouseSession 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 for taxable years ending on or after December 31, 2004, and ending prior to January 1, 2021 (now, January 1, 2011). Provides that the credit is equal to 7 1/2% of the qualifying expenditures for increasing research activities in this State for taxable years ending on or after December 31, 2011. Provides that the credit is refundable for taxpayers whose income for the taxable year is $50,000,000 or less. Requires the Department of Revenue and the Department of Commerce and Economic Opportunity to conduct a study of the effectiveness of the credit. Effective immediately.

DateChamber Action
  2/22/2011HouseFiled with the Clerk by Rep. Michelle Mussman
  2/23/2011HouseAdded Chief Co-Sponsor Rep. Jehan A. Gordon
  2/23/2011HouseFirst Reading
  2/23/2011HouseReferred to Rules Committee
  2/28/2011HouseAssigned to Revenue & Finance Committee
  3/3/2011HouseAdded Chief Co-Sponsor Rep. Mike Fortner
  3/17/2011HouseRule 19(a) / Re-referred to Rules Committee
  4/28/2011HouseAdded Co-Sponsor Rep. Jack D. Franks
  4/28/2011HouseAdded Co-Sponsor Rep. Keith Farnham
  4/28/2011HouseAdded Co-Sponsor Rep. Carol A. Sente
  4/28/2011HouseAdded Co-Sponsor Rep. Linda Chapa LaVia
  1/8/2013HouseSession Sine Die

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