Illinois General Assembly - Bill Status for SB3474
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 Bill Status of SB3474  103rd General Assembly


Short Description:  INC TX-TECHNOLOGY CREDITS

Senate Sponsors
Sen. Elgie R. Sims, Jr. - Celina Villanueva

Last Action
DateChamber Action
  5/3/2024SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
20 ILCS 605/605-1115 new
35 ILCS 5/201
35 ILCS 5/241 new


Synopsis As Introduced
Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Provides that the Department of Commerce and Economic Opportunity shall award income tax credits in an amount equal to 13% of the qualifying quantum information science expenditures made by the taxpayer during the taxable year. Amends the Illinois Income Tax Act to make conforming changes. Further amends the Illinois Income Tax Act to extend the research and development credit to tax years ending before January 1, 2037 (currently, January 1, 2027). Effective immediately.

Actions 
DateChamber Action
  2/8/2024SenateFiled with Secretary by Sen. Elgie R. Sims, Jr.
  2/8/2024SenateFirst Reading
  2/8/2024SenateReferred to Assignments
  2/20/2024SenateAssigned to Revenue
  3/15/2024SenateRule 2-10 Committee Deadline Established As April 5, 2024
  4/5/2024SenateRule 2-10 Committee Deadline Established As May 3, 2024
  5/3/2024SenateRule 3-9(a) / Re-referred to Assignments
  5/17/2024SenateAdded as Chief Co-Sponsor Sen. Celina Villanueva

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