SB1543 Summary

• Makes the research and development tax credit permanent by removing the sunset provision that limited it to tax years ending prior to January 1, 2016.

• The credit applies to qualifying research expenditures conducted in Illinois, calculated at 6.5% of the excess of current year qualifying expenditures over the average of the base period (prior 3 taxable years).

• Unused credits may be carried forward for up to 5 years, with credits from earlier years applied first against tax liability.

• Exempts this provision from Section 250 of the Illinois Income Tax Act, preventing automatic sunset of the credit.

• Takes effect immediately upon becoming law.