IL SB0252

Amends the Illinois Income Tax Act to make the research and development (R&D) tax credit permanent by removing the January 1, 2032 expiration date

The R&D credit equals 6.5% of qualifying expenditures for increasing research activities conducted in Illinois above a base period average

Qualifying expenditures are defined as those allowable under Section 41 of the Internal Revenue Code that are conducted within Illinois

Unused R&D credits may be carried forward for up to 5 taxable years until fully utilized

Exempts the R&D credit provision from Section 250 of the Illinois Income Tax Act, which typically requires sunset dates for tax credits