HB5867 Summary

• Makes a technical correction to Section 201 of the Illinois Income Tax Act by removing a duplicate word in subsection (a) regarding the tax imposed on individuals, corporations, trusts, and estates.

• Updates the investment credit deadline in subsection (e)(8) from December 31, 2013 to December 31, 2018 for qualified property costs to be eligible for the Personal Property Tax Replacement Income Tax credit.

• Changes the research and development credit eligibility window in subsection (k) from ending prior to January 1, 2011 to ending prior to January 1, 2016, extending availability of this tax credit for qualifying research expenditures.

• Applies effective date of June 1, 2012 for the amendments and updates the legislative history citations to reflect enactment by Public Act 97-636.