HOUSTON, July 20, 2017 /PRNewswire/ -- alliantgroup congratulates the leaders of the State of Illinois for renewing their state research and development tax credit.
The credit, which had originally expired on December 31, 2015, was given a five-year extension as part of recently passed state budget legislation. 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's economy and businesses. Over the years, the credit has provided 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. The credit has given businesses a reason to stay in the state, and in return, these companies have created jobs and stimulated economic opportunity within their local communities. Just as the federal R&D tax credit has done for American companies, Illinois's R&D tax credit has opened doors and expanded the growth potential of many state businesses.
"I have seen first-hand over the years the importance of R&D tax credits at both the state and federal level," said Jadav. "These incentives have allowed companies to keep their doors open and thrive in a competitive marketplace. They have also given businesses the opportunity to swing for the fences when it comes to funding R&D-based endeavors. From Illinois to both the east and west coasts, I would encourage all business owners to look into these valuable incentives."
alliantgroup is a leading tax consultancy that assists American companies and their CPAs in properly identifying and claiming all available federal and state tax incentives. We have helped more than 20,000 businesses claim over $5 billion in government-sponsored tax credits and incentives. alliantgroup's headquarters is in Houston and the firm has offices nationwide including in Chicago, New York, Irvine, Boston, Indianapolis, Orlando, Sacramento and Washington, D.C. For more information on alliantgroup and our R&D tax credit services, please visit alliantgroup on LinkedIn, Facebook and Twitter.