Date	Chamber	Action
1/11/2011	House	Session 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, 2008 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 

Date	Chamber	Action
2/5/2009	House	Filed with the Clerk by Rep. Jim Watson
2/6/2009	House	First Reading
2/6/2009	House	Referred to Rules Committee
2/11/2009	House	Added Chief Co-Sponsor Rep. David Reis
2/11/2009	House	Assigned to Revenue & Finance Committee
2/19/2009	House	Added Chief Co-Sponsor Rep. John D. Cavaletto
3/13/2009	House	Rule 19(a) / Re-referred to Rules Committee
1/11/2011	House	Session Sine Die

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