Today, Illinois made another investment in technology.  Governor Pat Quinn signed legislation that extends a 6.5% Research and Development Tax Credit for investors who supply funds for new technologies and product development.

According to the Senate Democrat’s website, State Senator Dan Kotowski (D-Park Ridge), who sponsored the bill said:

“Today is a victory for small business owners, aspiring entrepreneurs and hard-working men and women across our state,”

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“Encouraging investment in Illinois companies is a practical solution that creates jobs and helps our economy.”

Illinois continues to be one of 38 states that provide a tax credit for research and development.  According to the U.S. Bureau of Labor Statistics, every dollar of tax credit leads to a dollar in research in development.

In regards to the law, Governor Pat Quinn said in a statement on his website:

“With this new law, we are encouraging more companies to invest in Illinois – and the Illinois worker – by creating an environment where innovation can grow and thrive.”

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