Bill Status of SB 1461   99th General Assembly


Short Description:  INC TX-R AND D CREDIT

Senate Sponsors
Sen. Pamela J. Althoff

Last Action  View All Actions

DateChamber Action
  1/10/2017SenateSession 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
  2/20/2015SenateFiled with Secretary by Sen. Pamela J. Althoff
  2/20/2015SenateFirst Reading
  2/20/2015SenateReferred to Assignments
  3/3/2015SenateAssigned to Revenue
  3/5/2015SenateTo Subcommittee on Tax Credits
  3/27/2015SenateRule 2-10 Committee Deadline Established As April 24, 2015
  4/24/2015SenateRule 2-10 Committee/3rd Reading Deadline Established As May 15, 2015
  5/15/2015SenateRule 2-10 Committee/3rd Reading Deadline Established As May 31, 2015
  10/10/2015SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments
  1/10/2017SenateSession Sine Die

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