HB5795 Summary

• Amends the Illinois Income Tax Act to make the research and development credit permanent for all taxable years ending on or after December 31, 2004, eliminating the previous sunset provision that would have expired January 1, 2011.

• Expands the definition of "qualifying expenditures" for the R&D credit to include amounts paid or incurred for ethanol and biodiesel research conducted in Illinois.

• Declares legislative intent that the R&D credit be available for all tax years ending on or after December 31, 2004, including retroactively for tax years between December 31, 2004 and the bill's effective date.

• Exempts subsection (k) regarding the research and development credit from provisions of Section 250, protecting the credit from certain statutory limitations.

• Takes effect immediately upon enactment.