alliantgroup congratulates the leaders of the State of Illinois for renewing their state Research and Development Tax Credit.

As part of recently passed state budget legislation, the credit that originally expired on December 31, 2015 was given a five-year extension. The extension runs retroactively through 2021, meaning Illinois-based companies can now claim their credits for tax year 2016 and that 2015 credits are now available for fiscal year filers.

“This is tremendous news for Illinois businesses,” said alliantgroup CEO, Dhaval Jadav. “Now these companies will be able to invest and strategize around the credit knowing that it will be available for the foreseeable future. With this extension, the state’s government has provided much-needed certainty for Illinois business owners.”

The extension of the state R&D tax credit has many benefits for Illinois’ economy and businesses, including providing companies the capital needed to hire new employees, reinvest in internal R&D and new product lines, purchase new equipment and remain competitive against foreign markets. Over the years, these companies have created jobs and stimulated economic opportunity within their local communities.
To read more, click here.