SEVERNS-WALSH,T-GARCIA-FARLEY, BERMAN AND MADIGAN,R.
INC TX-RESEARCH DEVELOP CREDIT
Synopsis of Bill as introduced:
Amends the Illinois Income Tax Act. Provides that, for partners,
shareholders of subchapter S corporations, and owners of limited
liability companies, there shall be allowed a research and development
credit to be determined in accordance with the determination of income
and distributive share of income under the Internal Revenue Code.
States that this amendatory Act is declarative of existing law and is
not a new enactment.
SENATE AMENDMENT NO. 1.
Allows the owners of limited liability companies, if the company
is treated as a partnership for federal and State income tax purposes,
the investment credit, the training expense credit, and the research
and development credit.
Last action on Bill: SESSION SINE DIE
Last action date: 99-01-12
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1
END OF INQUIRY
Full Text Bill Status