INCOME TAX-R&D CREDIT

Amends the Illinois Income Tax Act concerning the research and development credit. Provides that, for taxable years ending on or after December 31, 2003, the credit is equal to 50% of the qualifying expenditures for research activities in this State incurred during the taxable year (now, equal to 6 1/2% of the qualifying expenditures for increasing research activities in this State, defined as the increase in qualifying expenditures over the average of the qualifying expenditures of the prior 3-year period). Exempts the credit from the sunset provisions of the Act (now, sunsets on December 31, 2004). Effective immediately.