IL SB2084

Amends the Illinois Income Tax Act to create an "Illinois Innovation Credit" allowing taxpayers a credit equal to 1.3% of qualified research expenses made in Illinois for tax years ending on or after December 31, 2023.

Defines qualified research as activities promoting new computer modeling technology, 3-D modeling or imaging technology, new public infrastructure materials, or new public infrastructure design.

Defines qualified research expenses as wages paid for qualified services, supplies used in qualified research, and amounts paid to other persons for qualified research conducted in Illinois.

Credits cannot reduce tax liability below zero and unused credits may be carried forward for up to 5 taxable years until fully used, with exemption from Section 250 provisions.

Removes the requirement that taxpayers obtain a federal research and development credit to qualify for the Illinois research and development credit under existing subsection (k).