IL HB4492

Increases the research and development tax credit by lowering the threshold for qualifying expenditures from 100% to 50% of the average qualifying expenditures in the base period for tax years ending on or after December 31, 2021.

Makes the research and development credit permanent by removing the sunset date of January 1, 2027, allowing it to apply continuously for all qualifying tax years.

Adds language stating the credit is exempt from provisions of Section 250, clarifying its status in the tax code.

Takes effect immediately upon becoming law.