HB0395 Summary

• Makes the research and development tax credit permanent on an ongoing basis for taxpayers in Illinois.

• Removes the previous expiration date of January 1, 2016 for the research and development credit under Section 201(k) of the Illinois Income Tax Act.

• Credit remains available at 6.5% of qualifying expenditures for increasing research activities conducted in Illinois for tax years ending on or after December 31, 2004.

• Applies to individual, corporate, partnership, and S-corporation taxpayers meeting the qualifying expenditure requirements.

• Takes effect immediately upon becoming law.