HB5527

Illinois HB5527 amends the Illinois Income Tax Act to increase the research and development tax credit.

HB5527 amends the Illinois Income Tax Act to increase the research and development tax credit by calculating the increase in the taxpayer's research activities in the state over 50% of the qualifying expenditures for the base period. The bill also modifies the credit for increasing research activities in Illinois, allowing a credit for unreimbursed eligible remediation costs in excess of $100,000 per site. The credit is not available if the taxpayer or a related party caused or contributed to a release of regulated substances on the site.