On Friday, August 2nd, Governor Pritzker signed SB1591, extending Illinois R&D Tax Credit and establishes a new apprenticeship credit for business to invest in Illinois’ workforce.
R&D is critical to the life sciences industry in Illinois, because innovation in the life sciences industry extend lives, improve quality of life and rive value to patients and the healthcare system as a whole.
Illinois life sciences companies are committed to expanding the boundaries of science by discovering, developing, and delivering innovative and needed medications to patients. To that point, in 2017 Illinois based life sciences companies invested over $14 billion in R&D to discover new medicines, therapies and products for patients.
Modernizing and permanently extending Illinois R&D Tax Credit is one of the key pieces of iBIO’s Life Sciences Economic Blueprint for Illinois. Signing SB1591 to extend Illinois R&D Tax Credit is an important step in that direction. iBIO thanks Governor Pritzker for his leadership in signing this bill.
Research and Development in the life sciences help people live longer, healthier lives and positively impact society. The life sciences industry is just getting started, but to ensure future growth of the industry in Illinois we need to invest in our innovative ecosystem.