Bill Status of HB 1578   103rd General Assembly

Short Description:  INC TX-R AND D CREDIT

House Sponsors
Rep. Mark L. Walker

Last Action  View All Actions

DateChamber Action
  3/10/2023HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
35 ILCS 5/201
35 ILCS 5/704A

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that the research and development credit applies for taxable years ending prior to January 1, 2037 (currently, January 1, 2027). Provides that, in the case of qualifying quantum information science expenditures, the research and development credit shall be equal to 13% of the qualifying expenditures for increasing research activities in the State (currently, 6.5%). Provides that certain qualified startup taxpayers may elect to claim the credit against their obligation to pay withholding taxes. Effective immediately.

Actions 
DateChamber Action
  1/30/2023HouseFiled with the Clerk by Rep. Mark L. Walker
  1/31/2023HouseFirst Reading
  1/31/2023HouseReferred to Rules Committee
  2/15/2023HouseAssigned to Revenue & Finance Committee
  2/23/2023HouseTo Revenue-Income Tax Subcommittee
  3/8/2023HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Mark L. Walker
  3/8/2023HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/9/2023HouseHouse Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee
  3/10/2023HouseRule 19(a) / Re-referred to Rules Committee
  3/10/2023HouseHouse Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee

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