Research and Development Credit
To encourage research and development activities in the Illinois Corporate sector by providing a tax credit to companies that increased its research and development activities as part of their operations.
| Program Details |
| Program Description: |
Research and Development Credit allows eligible companies to claim a 6.5% credit against their corporate income tax for research activities, in excess of similar expenses incurred during the previous three years. |
| Eligibility: |
Expenses incurred or paid by companies during the tax year, which are related to trade or business. Research or experimental activities that create or improve a function, performance, reliability or quality of a technical nature intended to be useful in the development of a new or improved business component held for sale, lease, license or use by the company in its business. |
| Ineligible Activities:: |
Surveys or studies, research conducted after start of commercial products or related to existing products, internal-use computer software, social sciences, arts or humanities. Research conducted outside of Illinois or funded by another person or entity. |
| Application Process: |
File with State Corporate Liability 1299-D Tax Credit Form with Company’s Tax Return.
For assistance with the application process, contact Bill Whitmer, Vice President of Economic Development, Lake County Partners at (847) 247-0137 or wwhitmer@lakecountypartners.com.
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Note: This program overview is intended as a reference only. Some details may have changed since publication and/or not be reflected in the description. For specific application information for this program, please contact Frank Brisbois, Vice President of Commercial Lending, Lake County Partners at (847) 247-0137.
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