IL HB5439 | 2013-2014 | 98th General Assembly

Status

Completed Legislative Action
Sponsorship: Partisan Bill (Republican 4)
Status: Failed on December 3 2014 - 100% progression
Action: 2014-12-03 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Illinois Income Tax Act. Provides that the research and development credit applies on a permanent basis. Provides that the credit may be carried forward for a period of 20 years (instead of 5 years). Increases the amount of the research and development credit by providing that the increase in qualifying expenditures shall be an increase over 50% (instead of 100%) of the average of the qualifying expenditures for each year in the base period. Effective immediately.

Tracking Information

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Title

INC TX-R AND D CREDIT

Sponsors


History

DateChamberAction
2014-12-03HouseSession Sine Die
2014-02-27HouseAdded Chief Co-Sponsor Rep. Joe Sosnowski
2014-02-20HouseAdded Chief Co-Sponsor Rep. Keith P. Sommer
2014-02-19HouseAdded Chief Co-Sponsor Rep. Ed Sullivan, Jr.
2014-02-11HouseReferred to Rules Committee
2014-02-11HouseFirst Reading
2014-02-11HouseFiled with the Clerk by Rep. David McSweeney

Code Citations

ChapterArticleSectionCitation TypeStatute Text
355201Amended CodeCitation Text

Illinois State Sources


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