Bill Status of SB 1180   95th General Assembly

Short Description:  INC TX-ALTERNATE R & D CREDIT

Senate Sponsors
Sen. Terry Link, Bill Brady, Gary G. Dahl-Chris Lauzen and Dan Rutherford

House Sponsors
(Rep. Jack D. Franks, Kurt M. Granberg and Elizabeth Hernandez)


Last Action  View All Actions

DateChamber Action
  1/13/2009SenateSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/218 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates an alternate research and development credit for taxable years ending on or after December 31, 2007 for taxpayers who make qualified research expenditures during the taxable year. Provides that the amount of the credit for taxpayers who have conducted business activities in each of the 3 preceding taxable years is 12% of: (i) the amount of qualified research expenditures made in the current taxable year; less (ii) 50% of the average of the qualified research expenditures made for the 3 preceding taxable years. Provides that the amount of the credit for taxpayers who have not conducted business activities in each of the 3 preceding taxable years is 6.5% of the qualified research expenditures made in the current taxable year. Provides that the credit may be carried forward for 5 years. Exempts the credit from the Act's sunset provisions. Prohibits taxpayers from claiming the credit if they claim a research and development credit under other provisions of the Act. Effective immediately.

Actions 
DateChamber Action
  2/8/2007SenateFiled with Secretary by Sen. Terry Link
  2/8/2007SenateFirst Reading
  2/8/2007SenateReferred to Rules
  2/21/2007SenateAssigned to Revenue
  3/2/2007SenatePostponed - Revenue
  3/8/2007SenatePostponed - Revenue
  3/9/2007SenateAdded as Co-Sponsor Sen. Bill Brady
  3/15/2007SenateDo Pass Revenue; 009-000-000
  3/15/2007SenatePlaced on Calendar Order of 2nd Reading March 20, 2007
  3/15/2007SenateAdded as Co-Sponsor Sen. Gary G. Dahl
  3/15/2007SenateAdded as Chief Co-Sponsor Sen. Chris Lauzen
  3/19/2007SenateAdded as Co-Sponsor Sen. Dan Rutherford
  3/20/2007SenateSecond Reading
  3/20/2007SenatePlaced on Calendar Order of 3rd Reading March 21, 2007
  3/30/2007SenateThird Reading - Passed; 056-000-000
  3/30/2007HouseArrived in House
  3/30/2007HousePlaced on Calendar Order of First Reading
  3/30/2007HouseChief House Sponsor Rep. Jack D. Franks
  4/9/2007HouseFirst Reading
  4/9/2007HouseReferred to Rules Committee
  4/18/2007HouseAdded Alternate Co-Sponsor Rep. Kurt M. Granberg
  4/30/2007HouseAssigned to Revenue Committee
  5/18/2007HouseCommittee Deadline Extended-Rule 9(b) May 25, 2007
  5/25/2007HouseFinal Action Deadline Extended-9(b) May 31, 2007
  5/30/2007HouseAdded Alternate Co-Sponsor Rep. Elizabeth Hernandez
  5/31/2007HouseRule 19(a) / Re-referred to Rules Committee
  1/13/2009SenateSession Sine Die

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