The Illinois R&D Tax Credit was created in 1990 under Governor Jim Edger. When it was introduced the credit was designed to sunset and required regular extensions. Unfortunately over the years the credit was not effectively extended in time to avoid the credit form sunsetting. This provided a challenge for companies in Illinois and companies considering moving to Illinois to effectively plan their R&D projects in Illinois. SB 1591 extends Illinois current 6.5% R&D Tax credit to 2027.
Next steps is to work with the Governor and the General Assembly to modernize Illinois tax credit (Indiana provides a 15% R&D tax credit) and permanently extend the credit.