Amends the Illinois Income Tax Act. Allows corporations to take an income tax deduction in an amount equal to all amounts paid to Illinois research institutions during the taxable year for the purpose of fostering research and development in high technology leading to the development of new products and services that can be marketed by Illinois businesses. Creates a new business technology development credit for Illinois small business concerns that have been doing business for 4 years or less and that conduct primarily all of their business operations in Illinois in the amount of 25% of all qualified research expenses for Illinois high technology research and development activities leading to the development of new or improved products and services that can be marketed by Illinois businesses. Creates a high technology research credit for qualifying high technology research activities in this State. Provides that a taxpayer may not claim both credits for the same taxable year. Effective immediately.
Sponsored bills
Amends the General Provisions Article of the Illinois Pension Code. Beginning July 1, 2004, requires the Illinois State Board of Investment and the board of trustees of each retirement system or pension fund to allocate specified portions of its brokerage business, on an annual basis, to brokerage or investment banking firms that are based in Illinois or are minority-owned businesses or female-owned businesses as defined in the Business Enterprise for Minorities, Females, and Persons with Disabilities Act. Effective immediately.
Amends the Illinois State Auditing Act in the Section concerning the definition of "Office of Auditor General". Makes a technical change.
Amends the Personnel Code. Removes a provision exempting all employees of the Illinois State Toll Highway Authority from the provisions of the Personnel Code. Effective immediately.
Amends the Toll Highway Act. Makes a technical change in a definitions Section.
Amends the Illinois Estate and Generation-Skipping Transfer Tax Act. Makes a technical change in a Section concerning the short title.
Amends the Illinois Income Tax Act. Beginning with tax years ending on or after December 31, 2003 and ending with tax years ending on or before December 31, 2007, allows small businesses to claim a tax credit in an amount equal to the amount of expenditures for health care insurance for its employees made in the year for which the credit is claimed. Provides that the credit may not reduce a taxpayer's liability to less than zero. Provides that the excess credit may be carried forward for a period of 5 years. Requires the taxpayer to keep any records required by the Department of Revenue regarding the health care expenditures for which the credit is claimed. Effective immediately.
Amends the Illinois Century Network Act. Provides that the Department of Central Management Services instead of the Illinois Century Network Policy Committee shall have management of the Illinois Century Network and deletes provisions concerning the Illinois Century Network Policy Committee. Creates the Illinois Century Network Steering Committee to advise the Illinois Century Network on issues associated with the Illinois Century Network, service offerings, and general direction within the scope of the Illinois Century Network's overall mission. Sets forth procedures for the appointment of members to the Committee. Makes other changes. Effective immediately.
Amends the Illinois Procurement Code. Makes a technical change in a Section concerning State policy.
Amends the State Employees Group Insurance Act of 1971. Makes technical changes in a Section concerning the short title.