IL SB3635

Removes the January 1, 2022 expiration date for the research and development tax credit, making it permanent on a continuous basis for all tax years ending on or after December 31, 2004.

Validates all actions taken by taxpayers in reliance on the continuation of the research and development credit during the period from January 1, 2016 through July 6, 2018.

Exempts the research and development credit from Section 250 provisions of the Illinois Income Tax Act.

Takes effect immediately upon becoming law.