SB1672 Summary

• Reinstates the research and development tax credit for taxable years ending prior to January 1, 2018 (changed from January 1, 2016).

• Increases the research and development credit rate from 6.5% to 8% of qualifying expenditures for increasing research activities in Illinois for taxable years ending on or after December 31, 2013.

• Credit applies to 6.5% of qualifying expenditures for taxable years ending before December 31, 2013 and 8% for taxable years ending on or after December 31, 2013.

• Effective immediately upon becoming law.