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 this 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
Feb 2023
Committee Review
Floor Vote
Governor
Introduced Feb 9, 2023
Last action May 10, 2023
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
6
Key actions
0
Committee
3
Mar 10, 2023
Committee
Rule 3-9(a) / Re-referred to Assignments
lower
Feb 21, 2023
Committee
Assigned to Revenue
lower
Feb 9, 2023
Committee
Referred to Assignments
lower
1 primary · 1 co-sponsor
Sponsors
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