Bill Status of SB 3388   98th General Assembly

Short Description:  INC TX-R AND D CREDIT

Senate Sponsors
Sen. Pamela J. Althoff-Don Harmon

Last Action  View All Actions

DateChamber Action
  1/13/2015SenateSession 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 the research and development credit applies on a permanent basis. Provides that the credit may be carried forward for a period of 20 years (instead of 5 years). Increases the amount of the research and development credit by providing that the increase in qualifying expenditures shall be an increase over 50% (instead of 100%) of the average of the qualifying expenditures for each year in the base period. Effective immediately.

Actions 
DateChamber Action
  2/14/2014SenateFiled with Secretary by Sen. Pamela J. Althoff
  2/14/2014SenateFirst Reading
  2/14/2014SenateReferred to Assignments
  2/25/2014SenateAssigned to Revenue
  2/27/2014SenateTo Subcommittee on Tax Credits
  3/6/2014SenateAdded as Chief Co-Sponsor Sen. Don Harmon
  3/28/2014SenateRule 3-9(a) / Re-referred to Assignments
  1/13/2015SenateSession Sine Die

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