Senate Sponsors: SEVERNS-WALSH,T-GARCIA-FARLEY, BERMAN AND MADIGAN,R. House Sponsors: MOORE,EUGENE Short description: INC TX-RESEARCH DEVELOP CREDIT Synopsis of Bill as introduced: Amends the Illinois Income Tax Act. Provides that, for partners, shareholders of subchapter S corporations, and owners of limited liability companies, there shall be allowed a research and development credit to be determined in accordance with the determination of income and distributive share of income under the Internal Revenue Code. States that this amendatory Act is declarative of existing law and is not a new enactment. SENATE AMENDMENT NO. 1. Allows the owners of limited liability companies, if the company is treated as a partnership for federal and State income tax purposes, the investment credit, the training expense credit, and the research and development credit. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1 END OF INQUIRY Full Text Bill Status