IL SB1350

Increases the Illinois research and development (R&D) tax credit by lowering the threshold for qualifying expenditure increases from 100% of the average base period expenditures to 50% for tax years ending on or after December 31, 2019.

Makes the research and development credit permanent on a continuing basis for all tax years ending on or after December 31, 2004, removing the previous sunset date of January 1, 2022.

Amends the Illinois Income Tax Act Section 201 to modify how qualifying expenditures for increasing research activities are calculated going forward.

Exempts the research and development credit from Section 250 provisions of the tax code.

Becomes effective immediately upon becoming law.