Legislation co-sponsored by State Representative Joe Sosnowski, R-Rockford, to extend the state’s Research & Development Credit for qualifying job creators for an additional five years and offer a new credit for apprenticeship programs has secured final approval by the General Assembly. Senate Bill 1591 now goes to Governor JB Pritzker to be signed into law.
The bill extends the R&D credit through 2026 and creates a new “apprenticeship education expense credit” program for tax years 2020-2025. The credit will be for eligible businesses in the State of Illinois that employ a qualifying apprentice. To qualify, an apprentice must be an Illinois resident, at least 16 years old, be enrolled in a full-time apprenticeship program that is registered with the U.S. Department of Labor, and employed in Illinois.
“State government hasn’t been doing too much right when it comes to making Illinois a more attractive and competitive place to start and grow a business, but this is one aspect we came together to achieve on a bipartisan basis,” Representative Sosnowski said. “Stateline area entrepreneurs and innovators can now count on the R&D credit remaining in place and our skilled trades that offer apprenticeship programs will also be able to participate moving forward. This is positive news for working families and the job creators who are pivotal to the growth of our local economy.”
Representative Sosnowski was Chief Co-Sponsor of Senate Bill 1591. It was approved by the House of Representatives on May 27 and by the State Senate on May 29.