Illinois SB3791 amends the Illinois Income Tax Act to provide various tax credits and surcharges, including an Illinois Innovation Credit for.
Illinois SB3791 amends the Illinois Income Tax Act to introduce an Illinois Innovation Credit for tax years ending on or after December 31, 2026. This credit allows taxpayers a credit equal to 1.3% of qualified research expenses made in Illinois. The bill also includes provisions for other tax credits such as the Enterprise Zone Investment Credit, River Edge Redevelopment Zone Site Remediation Tax Credit, and training expense credit. Additionally, it imposes surcharges on income from the sale or exchange of certain assets and modifies tax rates for different entities.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.