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Illinois
Credit Name: Research and Development Credit
Expiration Date: Tax Years ending before Jan. 1, 2032
Does it apply to C corps and pass-through entities?: Yes
Credit Carry forward: Carry forward up to 5 years.
Description: Nonrefundable credit of 6.5% of incremental QREs. Illinois credit uses the average QREs used for the federal base period.
Other Notes: Form indicates using the Illinois portion of data from the federal form, implying that the company must take the federal credit also.
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