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Illinois
R&D Tax Credits

Connect with us to find out how R&D tax credits can boost your organization’s bottom line.

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This post was last updated on Apr 02, 2024.

Illinois R&D Tax Credit

Discover the benefits of Illinois state credits and see how your business could qualify.

7
%
of qualified expenses that exceed a base period amount
%
%
5 years
carry forward for credit usage

Illinois R&D Tax Credit Eligibility Summary:

Is the R&D Tax Credit Available?:
Yes
No
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

Illinois R&D Tax Credit Guidelines:

  • The base amount refers to the average qualifying expenses over the three taxable years immediately preceding the current taxable year.
  • Partners and shareholders of Subchapter S corporations are eligible for a credit based on their income determination and distributive share of income.
  • A taxpayer is entitled to take this credit for tax years ending on or after December 31, 2004 and ending prior to January 1, 2027.

Illinois R&D Tax Credit Case Study

A Illinois-based company recovered thousands in R&D tax credits to refuel growth.

$

11,797

Total state R&D tax credits earned

65

%

Amount of wages qualified for tax credits

$

72,619

Total R&D tax credit earned

Key Illinois R&D Tax Credits R&D Tax Rules Changes

2019' - 22
22' and after
2019' - 22
22' and after

Resources

There are many other considerations and exemptions, including what documentation the IRS requires for the R&D tax credits. Stay updated to navigate the new tax laws with confidence.

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Connect with us to find out how R&D Tax Credits can boost your organization’s performance.

Ready to Maximize Your State Credits?

With just a little info, our Strike Experts can help you start your R&D tax credit journey.

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What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

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How to customize formatting for each rich text

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Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Ready to calculate your R&D tax credits?

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 the app.

Download our R&D Tax Credit Calculator for Android to see how much you can receive from your qualified R&D tax credit expenses.

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