Bill Status of HB 3619   98th General Assembly


Short Description:  INC TX-ALTERNATE R&D CREDIT

House Sponsors
Rep. Jehan A. Gordon-Booth

Last Action  View All Actions

DateChamber Action
  12/3/2014HouseSession 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, for taxable years beginning on or after January 1, 2014, the credit allowed for increasing research activities in the State shall be in an amount equal to 10% (now, 6 1/2%) of qualifying expenditures. Deletes language providing that the credit shall be allowed only for taxable years ending prior to January 1, 2016. Provides that, if the amount of the credit exceeds the income tax liability for the applicable tax year, then the excess credit shall be refunded to the taxpayer. Provides that, in place of the credit for increasing research activities, a taxpayer may elect to claim a credit in an amount equal to 20% of the amount of the federal research credit allowed to the taxpayer for the taxable year multiplied by the State's apportioned share of the qualifying expenditures for increasing research activities for the taxable year. Effective immediately.

Actions 
DateChamber Action
  3/8/2013HouseFiled with the Clerk by Rep. Jehan A. Gordon-Booth
  3/8/2013HouseFirst Reading
  3/8/2013HouseReferred to Rules Committee
  12/3/2014HouseSession Sine Die

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