HB6214 Summary

• Amends the Illinois Income Tax Act to extend the research and development tax credit indefinitely for all taxable years ending on or after December 31, 2004 (removes the previous expiration date of January 1, 2016).

• The credit remains available to taxpayers conducting increasing research activities in Illinois at a rate of 6.5% of qualifying expenditures.

• Qualifies for pass-through treatment for partners, S-corporation shareholders, and LLC members consistent with federal income tax rules.

• Unused credits can be carried forward for 5 taxable years after the year earned until fully utilized.

• Takes effect immediately upon becoming law.