Bill Title: 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.

Spectrum: Moderate Partisan Bill (Democrat 6-1)

Status: (Failed) 2013-01-08 - Session Sine Die [HB2948 Detail]

Text: Latest bill text (Introduced) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Michelle Mussman [D]	Primary	Sponsored Bills	HD-056	FollowTheMoney	Ballotpedia	VoteSmart
Representative Jehan Gordon-Booth [D]	Cosponsor	Sponsored Bills	HD-092	FollowTheMoney	Ballotpedia	VoteSmart
Representative Mike Fortner [R]	Cosponsor	Sponsored Bills	HD-049	FollowTheMoney	Ballotpedia	VoteSmart
Representative Jack Franks [D]	Cosponsor	Sponsored Bills	HD-063	FollowTheMoney	Ballotpedia	VoteSmart
Representative Keith Farnham [D]	Cosponsor	Sponsored Bills	HD-043	FollowTheMoney	Ballotpedia	VoteSmart
Representative Carol Sente [D]	Cosponsor	Sponsored Bills	HD-059	FollowTheMoney	Ballotpedia	VoteSmart
Representative Linda LaVia [D]	Cosponsor	Sponsored Bills	HD-083	FollowTheMoney	Ballotpedia	VoteSmart

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