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