alliantgroup Commends Extension of the Illinois R&D Tax Credit New law extends the R&D credit for five years until January 2016
CHICAGO, Dec. 21, 2011 /PRNewswire/ -- alliantgroup, the nation's premier provider of specialty tax services, applauds Illinois Governor, Pat Quinn, who on December 16 signed into law a business tax measure (SB 397) that extends the research and development (R&D) tax credit.
"The extension of the R&D tax credit will help spur jobs, innovation and growth for Illinois small and medium-sized businesses," said Rick Meyer, Director of alliantgroup's Chicago office. "Many small and mid-market companies typically overlook various tax incentives such as the R&D credit, because they are not aware of the credit. It is perceived to be too complex or they don't believe they will qualify. In fact, more businesses are entitled to these important tax incentives than owners realize."
The new law extends the R&D credit in Illinois for five years until January 1, 2016. In addition to extending the credit, the bill also removes a provision which would have prevented R&D credit carryforwards from being used after the expiration of the credit.
"Since our inception, alliantgroup has been helping businesses of all sizes across industries take advantage of important tax credits and incentives on the state and federal level," said Dhaval Jadav, CEO of alliantgroup. "We are pleased that Illinois recently moved forward to pass SB 397 into law, which will strengthen the Illinois business climate and the competitiveness of companies operating in the state."
alliantgroup is the nation's premier provider of specialty tax services. Headquartered in Houston, TX, with regional offices in states including California, New York, Illinois, and Washington, D.C., alliantgroup works with accountants and their clients to ensure that they receive the full benefits of all available federal and state government-sponsored tax credit and incentive programs, such as the research and development tax credit, export tax incentives, energy-related tax incentives, federal and state hiring credits, and state and local tax (SALT). alliantgroup also maintains a dedicated audit defense team. Please visit www.alliantgroup.com.