Illinois SB2390 amends the Illinois Income Tax Act to introduce a new Illinois Innovation Credit, effective for tax years ending on or after December.
Illinois SB2390 amends the Illinois Income Tax Act to introduce a new Illinois Innovation Credit. This credit allows taxpayers to claim an amount equal to 1.3% of their qualified research expenses made in Illinois. The credit is applicable regardless of whether the taxpayer has obtained a research and development credit for federal income taxes. The credit cannot reduce the taxpayer's liability to less than zero. The bill also includes provisions for the carryforward of unused credits and the transfer of credits in certain circumstances.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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