Senate Sponsors: CLAYBORNE-LINK-MUNOZ-OBAMA-LAUZEN. House Sponsors: MCCARTHY-HOLBROOK-MOORE,ANDREA-TENHOUSE-STEPHENS Short description: INC TX-RESEARCH CREDIT-S CORPS Synopsis of Bill as introduced: Amends the Illinois Income Tax Act. Allows the research and development credit to be taken by partners of partnerships and shareholders of Subchapter S corporation according to the income determination and distribution provisions of the federal Internal Revenue Code. Effective immediately. SENATE AMENDMENT NO. 1. Deletes everything. Amends the Illinois Income Tax Act. Provides that, for partners and shareholders of subchapter S corporations there shall be allowed a research and development credit to be determined in accordance with the determination of income and distributive share of income under the Internal Revenue Code. Allows the owners of limited liability companies, if the company is treated as a partnership for federal and State income tax purposes, the investment credit, the training expense credit, and the research and development credit. Effective immediately. HOUSE AMENDMENT NO. 1. Deletes everything. Amends the Illinois Income Tax Act concerning the tax imposed. Makes a technical change. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1 END OF INQUIRY Full Text Bill Status