Illinois R&D Tax Credit Summary

R&D Tax Credit Available

Yes

STATE

Illinois

NAME

Research & Development Credit

DOES IT APPLY TO C-CORPS & PASS THROUGHS?

Yes

DESCRIPTION

Nonrefundable credit with similar definitions as federal for Qualified Research Expenses and Qualified Research Activities except only include Illinois-based expenses.

PERCENTAGE

6.5% on incremental expenses over the average of the three prior years.