Bill Status of SB1832  103rd General Assembly

Short Description:  INC TX-R AND D CREDIT

Senate Sponsors
Sen. Elgie R. Sims, Jr. - Mike Simmons

Last Action
DateChamber Action
  3/10/2023SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
35 ILCS 5/201
35 ILCS 5/704A

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that the research and development credit applies for taxable years ending prior to January 1, 2037 (currently, January 1, 2027). Provides that, in the case of qualifying quantum information science expenditures, the research and development credit shall be equal to 13% of the qualifying expenditures for increasing research activities in this State (currently, 6.5%). Provides that certain qualified startup taxpayers may elect to claim the credit against their obligation to pay withholding taxes. Effective immediately.

DateChamber Action
  2/9/2023SenateFiled with Secretary by Sen. Elgie R. Sims, Jr.
  2/9/2023SenateFirst Reading
  2/9/2023SenateReferred to Assignments
  2/21/2023SenateAssigned to Revenue
  3/10/2023SenateRule 3-9(a) / Re-referred to Assignments
  5/10/2023SenateAdded as Chief Co-Sponsor Sen. Mike Simmons