Date	Chamber	Action
1/11/2005	Senate	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/203

from Ch. 120, par. 2-203

35 ILCS 5/216 new

35 ILCS 5/217 new

Synopsis As Introduced
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.

Actions 

Date	Chamber	Action
2/6/2004	Senate	Filed with Secretary by Sen. Jeffrey M. Schoenberg
2/6/2004	Senate	First Reading
2/6/2004	Senate	Referred to Rules
2/19/2004	Senate	Added as Co-Sponsor Sen. Debbie DeFrancesco Halvorson
2/25/2004	Senate	Added as Co-Sponsor Sen. Bill Brady
1/11/2005	Senate	Session Sine Die

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