IL HB4766

Creates a Quantum Information Science Research and Development Tax Credit Program allowing the Department of Commerce and Economic Opportunity to award tax credits equal to 13% of qualifying quantum information science expenditures made by taxpayers for tax years ending on or after December 31, 2025, with a maximum of $25,000,000 in credits per calendar year.

Defines "qualifying quantum information science expenditures" as expenditures related to advancing quantum information science research and development in Illinois that would qualify as research activities under Section 41 of the Internal Revenue Code and are conducted in the State.

Extends the existing research and development credit under the Illinois Income Tax Act from expiring on January 1, 2027 to January 1, 2037, maintaining the 6.5% credit rate for qualifying research expenditures conducted in Illinois.

Allows taxpayers to claim the quantum information science credit through a tax certificate issued by the Department of Commerce and Economic Opportunity, subject to Department rules and regulations.

Provides conforming amendments to the Illinois Income Tax Act to implement the new quantum information science credit and specify that taxpayers cannot claim both this credit and the research and development credit for the same qualifying expenditures.