IL HB2948 | 2011-2012 | 97th General Assembly

Status

Completed Legislative Action
Spectrum: Moderate Partisan Bill (Democrat 6-1)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Illinois Income Tax Act. Provides that the research and development credit applies for taxable years ending on or after December 31, 2004, and ending prior to January 1, 2021 (now, January 1, 2011). Provides that the credit is equal to 7 1/2% of the qualifying expenditures for increasing research activities in this State for taxable years ending on or after December 31, 2011. Provides that the credit is refundable for taxpayers whose income for the taxable year is $50,000,000 or less. Requires the Department of Revenue and the Department of Commerce and Economic Opportunity to conduct a study of the effectiveness of the credit. Effective immediately.

Tracking Information

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Title

INC TX-R AND D CREDIT-EXTEND

Sponsors


History

DateChamberAction
2013-01-08HouseSession Sine Die
2011-04-28HouseAdded Co-Sponsor Rep. Linda Chapa LaVia
2011-04-28HouseAdded Co-Sponsor Rep. Carol A. Sente
2011-04-28HouseAdded Co-Sponsor Rep. Keith Farnham
2011-04-28HouseAdded Co-Sponsor Rep. Jack D. Franks
2011-03-17HouseRule 19(a) / Re-referred to Rules Committee
2011-03-03HouseAdded Chief Co-Sponsor Rep. Mike Fortner
2011-02-28HouseAssigned to Revenue & Finance Committee
2011-02-23HouseReferred to Rules Committee
2011-02-23HouseFirst Reading
2011-02-23HouseAdded Chief Co-Sponsor Rep. Jehan A. Gordon
2011-02-22HouseFiled with the Clerk by Rep. Michelle Mussman

Code Citations

ChapterArticleSectionCitation TypeStatute Text
355201Amended CodeCitation Text

Illinois State Sources


Bill Comments

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