Illinois HB1602 amends the Illinois Income Tax Act to modify tax credits and rates.
HB1602 amends the Illinois Income Tax Act to modify various tax credits and rates. It makes the research and development credit permanent, adjusts rates for different entities, and introduces new credits for high impact business construction jobs and environmental remediation. The bill also modifies the personal property tax replacement income tax rates and introduces a surcharge on income from the sale or exchange of assets by certain gaming licensees. It further adjusts the rates for foreign insurers and modifies the investment credit for qualified property.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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