Illinois House Bill 1578

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 30 2023 - 25% progression
Action: 2023-03-10 - House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Income Tax Act. Provides that the research and development credit applies for taxable years ending prior to January 1, 2037 (currently, January 1, 2027). Provides that, in the case of qualifying quantum information science expenditures, the research and development credit shall be equal to 13% of the qualifying expenditures for increasing research activities in the State (currently, 6.5%). Provides that certain qualified startup taxpayers may elect to claim the credit against their obligation to pay withholding taxes. Effective immediately.

INC TX-R AND D CREDIT

Sen. Mark Walker [D]

Date	Chamber	Action
2023-03-10	House	House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee
2023-03-10	House	Rule 19(a) / Re-referred to Rules Committee
2023-03-09	House	House Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee
2023-03-08	House	House Committee Amendment No. 1 Referred to Rules Committee
2023-03-08	House	House Committee Amendment No. 1 Filed with Clerk by Rep. Mark L. Walker
2023-02-23	House	To Revenue-Income Tax Subcommittee
2023-02-15	House	Assigned to Revenue & Finance Committee
2023-01-31	House	Referred to Rules Committee
2023-01-31	House	First Reading
2023-01-30	House	Filed with the Clerk by Rep. Mark L. Walker

Chapter	Article	Section	Citation Type	Statute Text
35	5	201	Amended Code	Citation Text
35	5	704A	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1578&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB1578.htm
Amendment	https://www.ilga.gov/legislation/103/HB/10300HB1578ham001.htm