Illinois 2025-2026 Regular Session

Illinois Senate Bill SB2458 Compare Versions

Only one version of the bill is available at this time.

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1	1	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2458 Introduced 2/7/2025, by Sen. Mark L. Walker SYNOPSIS AS INTRODUCED: 20 ILCS 605/605-1118 new35 ILCS 5/246 new Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Provides that the Department of Commerce and Economic Opportunity shall award income tax credits in an amount equal to 13% of the qualifying quantum information science expenditures made by the taxpayer during the taxable year. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately. LRB104 07194 HLH 17231 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2458 Introduced 2/7/2025, by Sen. Mark L. Walker SYNOPSIS AS INTRODUCED: 20 ILCS 605/605-1118 new35 ILCS 5/246 new 20 ILCS 605/605-1118 new 35 ILCS 5/246 new Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Provides that the Department of Commerce and Economic Opportunity shall award income tax credits in an amount equal to 13% of the qualifying quantum information science expenditures made by the taxpayer during the taxable year. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately. LRB104 07194 HLH 17231 b LRB104 07194 HLH 17231 b A BILL FOR
2	2	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2458 Introduced 2/7/2025, by Sen. Mark L. Walker SYNOPSIS AS INTRODUCED:
3	3	20 ILCS 605/605-1118 new35 ILCS 5/246 new 20 ILCS 605/605-1118 new 35 ILCS 5/246 new
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5	5	35 ILCS 5/246 new
6	6	Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Provides that the Department of Commerce and Economic Opportunity shall award income tax credits in an amount equal to 13% of the qualifying quantum information science expenditures made by the taxpayer during the taxable year. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately.
7	7	LRB104 07194 HLH 17231 b LRB104 07194 HLH 17231 b
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9	9	A BILL FOR
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12	12	1 AN ACT concerning revenue.
13	13	2 Be it enacted by the People of the State of Illinois,
14	14	3 represented in the General Assembly:
15	15	4 Section 5. The Department of Commerce and Economic
16	16	5 Opportunity Law of the Civil Administrative Code of Illinois
17	17	6 is amended by adding Section 605-1118 as follows:
18	18	7 (20 ILCS 605/605-1118 new)
19	19	8 Sec. 605-1118. Quantum information science research and
20	20	9 development.
21	21	10 (a) In order to advance and increase quantum information
22	22	11 science investment and research in the State of Illinois, and
23	23	12 to make the State of Illinois a leader in the area of quantum
24	24	13 information science, quantum computing, and other applications
25	25	14 of quantum science in technology, there is hereby created the
26	26	15 Quantum Information Science Research and Development Tax
27	27	16 Credit Program.
28	28	17 (b) For taxable years ending on or after December 31,
29	29	18 2026, the Department shall issue a tax credit certificate
30	30	19 against the taxes imposed under subsections (a) and (b) of
31	31	20 Section 201 of the Illinois Income Tax Act in an amount equal
32	32	21 to 13% of the qualifying quantum information science
33	33	22 expenditures made by the taxpayer during the taxable year.
34	34	23 (c) Taxpayers seeking a credit certificate for qualifying
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38	38	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2458 Introduced 2/7/2025, by Sen. Mark L. Walker SYNOPSIS AS INTRODUCED:
39	39	20 ILCS 605/605-1118 new35 ILCS 5/246 new 20 ILCS 605/605-1118 new 35 ILCS 5/246 new
40	40	20 ILCS 605/605-1118 new
41	41	35 ILCS 5/246 new
42	42	Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Provides that the Department of Commerce and Economic Opportunity shall award income tax credits in an amount equal to 13% of the qualifying quantum information science expenditures made by the taxpayer during the taxable year. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately.
43	43	LRB104 07194 HLH 17231 b LRB104 07194 HLH 17231 b
44	44	LRB104 07194 HLH 17231 b
45	45	A BILL FOR
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51	51	20 ILCS 605/605-1118 new
52	52	35 ILCS 5/246 new
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71	71	1 quantum information science expenditures shall apply to the
72	72	2 Department in the form and manner specified by the Department.
73	73	3 (d) The total aggregate amount of the credits awarded
74	74	4 under this Section shall not exceed $25,000,000 in any
75	75	5 calendar year.
76	76	6 (e) The Department, in consultation with the Department of
77	77	7 Revenue, shall adopt rules to implement and administer this
78	78	8 Section.
79	79	9 (f) This Section is exempt from the provisions of Section
80	80	10 250 of the Illinois Income Tax Act.
81	81	11 (g) As used in this Section:
82	82	12 "Qualifying quantum information science expenditures"
83	83	13 means expenditures specifically related to advancing quantum
84	84	14 information science research and development in the State of
85	85	15 Illinois that would otherwise be qualifying expenditures as
86	86	16 defined for the federal credit for increasing research
87	87	17 activities that are allowable under Section 41 of the Internal
88	88	18 Revenue Code and that are conducted in this State.
89	89	19 "Quantum information science" has the meaning given to
90	90	20 that term in Section 2 of the federal National Quantum
91	91	21 Initiative Act.
92	92	22 Section 10. The Illinois Income Tax Act is amended by
93	93	23 adding Section 246 as follows:
94	94	24 (35 ILCS 5/246 new)
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105	105	1 Sec. 246. Quantum information science research and
106	106	2 development tax credit.
107	107	3 (a) For tax years ending on or after December 31, 2026, a
108	108	4 taxpayer who qualifies for a quantum information science
109	109	5 research and development tax credit pursuant to Section
110	110	6 605-1115 of the Department of Commerce and Economic
111	111	7 Opportunity Law of the Civil Administrative Code of Illinois,
112	112	8 is entitled to a credit against the tax imposed by subsections
113	113	9 (a) and (b) of Section 201 of this Act as provided in that
114	114	10 Section.
115	115	11 (b) For partners and shareholders of subchapter S
116	116	12 corporations, the credit under this Section shall be
117	117	13 determined in accordance with Section 251.
118	118	14 (c) In no event shall a taxpayer be allowed both a credit
119	119	15 under this Section for qualifying quantum information science
120	120	16 expenditures and the research and development credit provided
121	121	17 under subsection (k) of Section 201 for the same expenditures.
122	122	18 (d) Any credit awarded under this Section in excess of the
123	123	19 taxpayer's tax liability for the taxable year may be carried
124	124	20 forward. A taxpayer may elect to have the unused credit shown
125	125	21 on its final completed return carried over as a credit against
126	126	22 the tax liability for the following 5 taxable years or until
127	127	23 the credit has been fully used, whichever occurs first. If a
128	128	24 tax liability for the given year still remains, the credit
129	129	25 from the next earliest year will then be applied, and so on,
130	130	26 until all credits have been used or no tax liability for the
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141	141	1 given year remains. Any remaining unused credit or credits
142	142	2 then will be carried forward to the next following year in
143	143	3 which a tax liability is incurred, except that no credit can be
144	144	4 carried forward to a year which is more than 5 years after the
145	145	5 year in which the expense for which the credit is given was
146	146	6 incurred.
147	147	7 (e) This Section is exempt from the provisions of Section
148	148	8 250 of this Act.
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