Date	Chamber	Action
1/13/2015	Senate	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/201

from 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 

Date	Chamber	Action
2/15/2013	Senate	Filed with Secretary by Sen. Michael W. Frerichs
2/15/2013	Senate	First Reading
2/15/2013	Senate	Referred to Assignments
3/5/2013	Senate	Assigned to Revenue
3/13/2013	Senate	Added as Chief Co-Sponsor Sen. Ira I. Silverstein
3/14/2013	Senate	To Subcommittee on Tax Credits
3/21/2013	Senate	Added as Co-Sponsor Sen. Steve Stadelman
3/22/2013	Senate	Rule 3-9(a) / Re-referred to Assignments
1/13/2015	Senate	Session Sine Die

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