SB2458 proposes a tax credit for quantum information science research and development in Illinois.
SB2458 amends the Illinois Income Tax Act to introduce a tax credit for quantum information science research and development. The credit, equal to 13% of qualifying expenditures, is available for tax years ending after December 31, 2026. The Department of Commerce and Economic Opportunity will award the credit, which cannot exceed $25,000,000 annually. Unused credits can be carried forward for up to five years. The bill also establishes the Quantum Information Science Research and Development Tax Credit Program to promote investment and research in quantum information science within the state.
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