HB 5295

Abstract

Amends the Illinois Income Tax Act. Provides that the research and development applies on a permanent basis. Provides that the credit may be carried forward for a period of 20 years (instead of 5 years). Makes changes concerning the calculation of the credit. Reinstates the training expense credit. Provides that the credit shall be 2.5% of such training expenses. Creates an apprenticeship income tax credit. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that the manufacturing and assembling machinery and equipment exemption includes production related tangible personal property. Provides that the exemption for coal and aggregate exploration, mining, off-highway hauling, processing, maintenance, and reclamation equipment applies on a permanent basis. Effective immediately.