HB 4492 Illinois House · 102nd Regular Session

INCOME TAX-R AND D CREDIT

Summary

Amends the Illinois Income Tax Act. Increases the research and development credit by providing that the increase in research and development activities shall be based on an increase over 50% of the average of the qualifying expenditures for each year in the base period (instead of 100% of the average of the qualifying expenditures for each year in the base period). Provides that the research and development credit applies on a permanent basis. Effective immediately.

Bill status failed 1 of 4 stages cleared

Introduction

Jan 2022

Committee Review

Floor Vote

Governor

Introduced Jan 13, 2022 Last action Jan 10, 2023

Floor votes

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Feb 18, 2022

Committee

Rule 19(a) / Re-referred to Rules Committee

lower

Feb 18, 2022

Committee

House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee

lower

Feb 15, 2022

Lower · Passed

House Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee

lower

Feb 10, 2022

Lower · Passed

To Income Tax Subcommittee

lower

Feb 9, 2022

Committee

House Committee Amendment No. 1 Referred to Rules Committee

lower

Feb 9, 2022

Introduced

House Committee Amendment No. 1 Filed with Clerk by Rep. Tony McCombie

lower

Feb 1, 2022

Committee

Assigned to Revenue & Finance Committee

lower

Jan 21, 2022

Committee

Referred to Rules Committee

lower

1 primary · 0 co-sponsors