Senate Sponsors: SEVERNS-GARCIA. Short description: INC TX R & D CR-SUBCHAPTR S CO Synopsis of Bill as introduced: Amends the Illinois Income Tax Act. Provides that, for purposes of the research and development credit, partners and shareholders of Subchapter S corporations shall be allowed a credit in accordance with the determination of income and distributive share of income under Sections 702 and 704 and Subchapter S of the Internal Revenue Code. Provides that this amendatory Act is declarative of existing law and is not a new enactment. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status