IL SB3474

Creates 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 taxable years ending on or after December 31, 2025, with a maximum annual aggregate of $25,000,000.

Defines qualifying quantum information science expenditures as expenses related to advancing quantum information science research and development in Illinois that qualify as eligible research activities under Section 41 of the Internal Revenue Code, with "quantum information science" defined by the federal National Quantum Initiative Act.

Extends the research and development tax credit from its current expiration date of January 1, 2027 to January 1, 2037, allowing continued eligibility for tax years ending before the new date.

Establishes corresponding income tax credit provisions in Section 241 of the Illinois Income Tax Act allowing taxpayers to claim the quantum information science credit against state income tax liability, with 5-year carryforward of unused credits.

Takes effect immediately upon enactment.