IL SB0123

Amends the Illinois Income Tax Act to make the research and development credit permanent, removing the previous expiration date of January 1, 2022.

The R&D credit allows a 6.5% tax credit against income tax liability for qualifying research expenditures conducted in Illinois, calculated as the excess of current year expenditures over the average of the base period (prior 3 years).

Unused R&D credits can be carried forward for up to 5 years after the year expenses are incurred, with earlier credits applied first.

Exempts the R&D credit from Section 250 sunset provisions, ensuring the credit applies continuously for all tax years ending on or after December 31, 2004.

Takes effect immediately upon becoming law.