Bill Status of HB 2794   93rd General Assembly

Short Description:  INCOME TAX-R&D CREDIT

House Sponsors
Rep. Bob Biggins-Sandra M. Pihos-Sidney H. Mathias-Bill Mitchell and Rosemary Mulligan

Last Action  View All Actions

DateChamber Action
  1/11/2005HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/201from Ch. 120, par. 2-201

Synopsis As Introduced
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.

Actions 
DateChamber Action
  2/21/2003HouseFiled with the Clerk by Rep. Bob Biggins
  2/21/2003HouseChief Co-Sponsor Rep. Sandra M. Pihos
  2/21/2003HouseChief Co-Sponsor Rep. Sidney H. Mathias
  2/21/2003HouseChief Co-Sponsor Rep. Bill Mitchell
  2/21/2003HouseFirst Reading
  2/21/2003HouseReferred to Rules Committee
  2/25/2003HouseAdded Co-Sponsor Rep. Rosemary Mulligan
  2/26/2003HouseAssigned to Revenue Committee
  3/13/2003HouseRule 19(a) / Re-referred to Rules Committee
  1/11/2005HouseSession Sine Die

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