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Domestic Research or Experimental Expenditures Deduction (IRC Section 174A / Section 70302)
Illinois — state programSee program
For taxable years beginning after December 31, 2024, taxpayers may immediately deduct domestic research or experimental expenditures paid or incurred during the taxable year. Alternatively, taxpayers may elect to capitalize and amortize such expenditures over a period of no less than 60 months. Foreign R&E expenditures must be capitalized and amortized over 15 years.
Program details
- Type
- tax-credit
- Eligibility
- Taxpayers with domestic research or experimental expenditures paid or incurred during the taxable year. Expenditures for acquisition or improvement of land or depreciable or depletable property are not eligible.
- Status
- open
- Administrator
- IRS
Source: Illinois — state program. Confirm current terms with the administering agency before applying.