IL SB2390

Creates a new "Illinois Innovation Credit" equal to 1.3% of qualified research expenses made by taxpayers in Illinois, effective for tax years ending on or after December 31, 2025

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

Qualified research expenses include wages for employees performing qualified services, supplies used in qualified research, and payments to non-employees for qualified research

Allows unused credits to be carried forward for up to 5 taxable years until fully used

Clarifies that taxpayers are not required to have obtained a federal research and development credit to qualify for either the existing Illinois R&D credit or the new Illinois Innovation Credit