INC TX-ALTERNATE R&D CREDIT Senate SponsorsSen. Michael W. Frerichs-Ira I. Silverstein and Steve Stadelman 1/13/2015SenateSession Sine Die 35 ILCS 5/201from Ch. 120, par. 2-201Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2014, the credit allowed for increasing research activities in the State shall be in an amount equal to 10% (now, 6 1/2%) of qualifying expenditures. Deletes language providing that the credit shall be allowed only for taxable years ending prior to January 1, 2016. Provides that, if the amount of the credit exceeds the income tax liability for the applicable tax year, then the excess credit shall be refunded to the taxpayer. Provides that, in place of the credit for increasing research activities, a taxpayer may elect to claim a credit in an amount equal to 20% of the amount of the federal research credit allowed to the taxpayer for the taxable year multiplied by the State's apportioned share of the qualifying expenditures for increasing research activities for the taxable year. Effective immediately. 2/15/2013SenateFiled with Secretary by Sen. Michael W. Frerichs 2/15/2013SenateFirst Reading 2/15/2013SenateReferred to Assignments 3/5/2013SenateAssigned to Revenue 3/13/2013SenateAdded as Chief Co-Sponsor Sen. Ira I. Silverstein 3/14/2013SenateTo Subcommittee on Tax Credits 3/21/2013SenateAdded as Co-Sponsor Sen. Steve Stadelman 3/22/2013SenateRule 3-9(a) / Re-referred to Assignments 1/13/2015SenateSession Sine Die