Illinois

Information on the Illinois R&D Tax Credit: 

The Illinois R&D credit is generated from qualified research activities (QRAs) performed within the state. Qualifying activities are defined in Section 41 of the Internal Revenue Code as “a new or improved function, performance, or reliability or quality.”

Process improvement activities include:

  • Identifying uncertainty concerning the development or improvement of a business component;
  • Identifying one or more alternatives intended to eliminate that uncertainty; and
  • Identifying and conducting a process of evaluating the alternatives (e.g., through modeling, simulation, or a systematic trial-and-error methodology).

The R&D Tax Credit is a credit that is available across various industries, such as:

  • Agriculture
  • Automotive
  • Aviation
  • Biotechnology
  • Engineering
  • Farming
  • Food and Beverage
  • Logistics
  • Manufacturing
  • Oil and Gas
  • Software
  • Transportation


State Credit Name
: The Illinois Research and Development Credit (1299-D, lines 24-33)

Expiration Date: December 31, 2021

Who Can Apply? Corporations and Flow-through entities

Credit Carry Forward: Unused credit can be carried forward up to 5 years.

About the Credit: A non-refundable credit of 6.5% of the QRE’s for qualifying research activities performed in Illinois.

Click here to find out if you qualify for the federal research credit.

Illinois Research and Development Tax Credit – SwansonReed

 

Learn more about the Illinois Research and Development Tax credit and how it can benefit your business.

Home

Contact Us


Contact your local Swanson Reed office to speak with a representative in your area today. 

Swanson Reed
318 W Adams St
16th Floor
Chicago, IL 60606
T: (312) 380-0467
F: (512) 256-8157

Why Swanson Reed

We provide full, hands-on support from start to finish.

Are You Eligible?

Take our eligibility wizard to find out if you qualify for a tax credit.

Calculate Your Benefit

Use our quick calculator to determine your R&D tax credit benefit.

Know Your Deadline

Never miss a deadline again with our R&D Tax Credit filing deadline calculator.

For Accountants

Take advantage of our extensive database of videos, case law and recent news.

Industry Case Studies

Find out the qualifying R&D activities specific to your industry.

Chicago

DISCOVERING NEW TECHNOLOGY IS REQUIRED TO REMAIN COMPETITIVE Without investment in research and development there is no way technology firms will be able to stay competitive and survive as a [...]

1 2
page 1 of 2
Recent Posts