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House Bill 1578 would offer a credit on qualifying quantum
information science expenditures related to research and
development that takes place in Illinois.
Brad Tietz of the Chicago Chamber of Commerce told the committee
there are three main points to the measure.
"House Bill 1578 does three things, extends the Illinois
research and development tax credit from January 1, 2027, to
January 1, 2037. It doubles from 6.5% to 13% the amount of the
RND credit specifically for expenditures and investments made in
quantum and information science," Tietz said. "Lastly, modeled
off of recent changes to the edge tax credit program, the bill
makes the RND credit applicable against a startup company that
is withholding taxes."
Quantum science is an interdisciplinary field that involves
quantum mechanics, computer science, information theory,
philosophy and cryptography.
State Rep. Mark Walker, D-Arlington Heights, said the grant is
vital to growing an industry that he thinks is important.
"It's actually a credit for real RND development specifically
for information science research in the field of quantum,"
Walker said. "This field could be revolutionary in our world."
The measure led to little pushback from committee members, but
there was discussion about possibly doing away with the sunset
date and making the tax credits permanent.
"Considering this has been around for a while and it seems
fairly successful, could this be time to discuss getting rid of
the sunset and making it permanent and if it doesn't work in the
future, eliminate it," asked state Rep. Joe Sosnowski,
R-Rockford.
Tietz replied that Sosnowski would have his support if they
chose to go in that direction.
Companies like Microsoft, IBM, Google and Intel all use quantum
science.
The measure currently sits with the House Rules Committee.
Andrew Hensel reports on issues in Chicago and
Statewide. He has been with The Center Square News since April
of 2021 and was previously with The Joliet Slammers.
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