Connect with us to find out how R&D Tax Credits can boost your organization’s performance.
Illinois provides a research and development tax credit. Until January 1st, 2027, a credit is allowed against income tax for research activities in Illinois. The credit is equal to 6.5% of qualifying expenditures over a comparative base amount. The base amount is the average of the prior three years of QREs attributed to Illinois. Excess credits not utilized in a tax year can be carried forward up to five years.
Learn more about Illinois' R&D Tax Credit law here and here.
R&D Tax Credit Available:
Yes
Eligible Entities:
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)
What Information is needed?
QREs for Prior 3 Years
Credit Carryforward:
5 Years
To get an estimate of the potential value of your unclaimed R&D Tax Credits, try out our credit calculator.
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Download our R&D Tax Credit Calculator for Android to see how much you can receive from your qualified R&D tax credit expenses.
We were hoping you’d say that. The fundamental truth is that we perform better when we have efficiency and effectiveness in mind.
Minimizing your tax liability only increases your organization’s value and performance, while providing greater opportunity for every dollar.
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