INC TX-ALTERNATE R & D CREDIT House SponsorsRep. Jim Watson-David Reis-John D. Cavaletto 1/11/2011HouseSession Sine Die 35 ILCS 5/218 new Amends the Illinois Income Tax Act. Creates an alternate research and development credit for taxable years ending on or after December 31, 2008 for taxpayers who make qualified research expenditures during the taxable year. Provides that the amount of the credit for taxpayers who have conducted business activities in each of the 3 preceding taxable years is 12% of: (i) the amount of qualified research expenditures made in the current taxable year; less (ii) 50% of the average of the qualified research expenditures made for the 3 preceding taxable years. Provides that the amount of the credit for taxpayers who have not conducted business activities in each of the 3 preceding taxable years is 6.5% of the qualified research expenditures made in the current taxable year. Provides that the credit may be carried forward for 5 years. Exempts the credit from the Act's sunset provisions. Prohibits taxpayers from claiming the credit if they claim a research and development credit under other provisions of the Act. Effective immediately. 2/5/2009HouseFiled with the Clerk by Rep. Jim Watson 2/6/2009HouseFirst Reading 2/6/2009HouseReferred to Rules Committee 2/11/2009HouseAdded Chief Co-Sponsor Rep. David Reis 2/11/2009HouseAssigned to Revenue & Finance Committee 2/19/2009HouseAdded Chief Co-Sponsor Rep. John D. Cavaletto 3/13/2009HouseRule 19(a) / Re-referred to Rules Committee 1/11/2011HouseSession Sine Die