IL SB0163

Modifies the research and development tax credit calculation by lowering the baseline threshold from 100% to 50% of average qualifying expenditures for the base period, effective for taxable years ending on or after December 31, 2023.

Eliminates the January 1, 2027 expiration date for the research and development credit, making it permanent on an ongoing basis.

Removes the sunset provision that previously limited the credit to tax years ending prior to January 1, 2027, allowing continuous application for all future tax years ending on or after December 31, 2004.

Takes effect immediately upon becoming law.