HB 1578 Illinois House · 103rd Regular Session

INC TX-R AND D CREDIT

Summary

Amends the Illinois Income Tax Act. Provides that the research and development credit applies for taxable years ending prior to January 1, 2037 (currently, January 1, 2027). Provides that, in the case of qualifying quantum information science expenditures, the research and development credit shall be equal to 13% of the qualifying expenditures for increasing research activities in the State (currently, 6.5%). Provides that certain qualified startup taxpayers may elect to claim the credit against their obligation to pay withholding taxes. Effective immediately.

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2023

Committee Review

Floor Vote

Governor

Introduced Jan 30, 2023 Last action Mar 10, 2023

Floor votes

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Mar 10, 2023

Committee

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

lower

Mar 10, 2023

Committee

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

lower

Mar 9, 2023

Lower · Passed

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

lower

Mar 8, 2023

Committee

House Committee Amendment No. 1 Referred to Rules Committee

lower

Mar 8, 2023

Introduced

House Committee Amendment No. 1 Filed with Clerk by Rep. Mark L. Walker

lower

Feb 23, 2023

Lower · Passed

To Revenue-Income Tax Subcommittee

lower

Feb 15, 2023

Committee

Assigned to Revenue & Finance Committee

lower

Jan 31, 2023

Committee

Referred to Rules Committee

lower

1 primary · 0 co-sponsors