IL HB4492 | 2021-2022 | 102nd General Assembly
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 13 2022 - 25% progression, died in committee
Action: 2022-02-18 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on January 13 2022 - 25% progression, died in committee
Action: 2022-02-18 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Illinois Income Tax Act. Increases the research and development credit by providing that the increase in research and development activities shall be based on an increase over 50% of the average of the qualifying expenditures for each year in the base period (instead of 100% of the average of the qualifying expenditures for each year in the base period). Provides that the research and development credit applies on a permanent basis. Effective immediately.
Title
INCOME TAX-R AND D CREDIT
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2022-02-18 | House | Rule 19(a) / Re-referred to Rules Committee |
| 2022-02-18 | House | House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee |
| 2022-02-15 | House | House Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee |
| 2022-02-10 | House | To Income Tax Subcommittee |
| 2022-02-09 | House | House Committee Amendment No. 1 Referred to Rules Committee |
| 2022-02-09 | House | House Committee Amendment No. 1 Filed with Clerk by Rep. Tony McCombie |
| 2022-02-01 | House | Assigned to Revenue & Finance Committee |
| 2022-01-21 | House | Referred to Rules Committee |
| 2022-01-21 | House | First Reading |
| 2022-01-13 | House | Filed with the Clerk by Rep. Tony McCombie |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 35 | 5 | 201 | Amended Code | Citation Text |
