Illinois Senate Bill 1832

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on February 9 2023 - 25% progression
Action: 2023-05-10 - Added as Chief Co-Sponsor Sen. Mike Simmons
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Income Tax Act. Provides that the research and development credit applies for taxable years ending prior to January 1, 2037 (currently, January 1, 2027). Provides that, in the case of qualifying quantum information science expenditures, the research and development credit shall be equal to 13% of the qualifying expenditures for increasing research activities in this State (currently, 6.5%). Provides that certain qualified startup taxpayers may elect to claim the credit against their obligation to pay withholding taxes. Effective immediately.

INC TX-R AND D CREDIT

Sen. Elgie Sims [D]

Sen. Mike Simmons [D]

Date	Chamber	Action
2023-05-10	Senate	Added as Chief Co-Sponsor Sen. Mike Simmons
2023-03-10	Senate	Rule 3-9(a) / Re-referred to Assignments
2023-02-21	Senate	Assigned to Revenue
2023-02-09	Senate	Referred to Assignments
2023-02-09	Senate	First Reading
2023-02-09	Senate	Filed with Secretary by Sen. Elgie R. Sims, Jr.

Chapter	Article	Section	Citation Type	Statute Text
35	5	201	Amended Code	Citation Text
35	5	704A	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1832&GAID=17&DocTypeID=SB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/SB/10300SB1832.htm