R&D Tax Credit Available:
C-Corporations, S-Corporations, LLCs, Partnerships
Deadline for Tax Filing:
Due with Illinois Tax Return
Data Required to Compute Credit:
- Claim Period Qualified R&D Expenses (QREs)
- QREs for Prior 3 Years
R&D Credit Summary:
The R&D tax credit equals 6.5% on the excess of IL qualified research expenses over the average amount of QREs for the three preceding taxable years.
The Illinois research credit expires on December 31, 2021.