In response to the threat of the Illinois credit rating being downgraded to “junk bond” status, the Illinois General Assembly has passed the first state budget since 2015, and a multibillion-dollar income tax hike to support it. The resulting Illinois Income Tax Act (IITA) produces a number of tax changes that impact individuals, corporations, and most other filing entities. Some of the key components of the new law are as follows:
Domestic Production Activities Deduction
Research and Development Credit
The full text of the new law can be viewed online here and a condensed version is available online here.