alliantgroup Applauds Extension of the Illinois State R&D Tax Credit

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.
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alliantgroup
alliantgroup’s mission is one of education and awareness—we exist to help industry organizations, businesses and the accounting firms that advise them take full advantage of all federal and state tax credits, incentives and deductions available. These powerful incentive programs are legislated by the government to help businesses grow and remain competitive locally as well as abroad. We are proud to have helped over 14,000 businesses claim more than $7 billion in tax incentives. alliantgroup’s international headquarters is in Houston, Texas, with offices across the country and internationally including New York, Boston, Chicago, Orange County, Sacramento, Indianapolis, Washington, D.C and London and Bristol in the U.K.