Illinois DOR Adopts Amendments to Regulations on Income Tax Credits

The Illinois Department of Revenue (DOR) Jan. 31 adopted the amendments to regulations on tax credits for individual and corporate income tax purposes. The rules reflect the new sunset dates for the Research and Development Credit and Student Assistance Contributions Credit and implement the changes to net loss deduction, limiting the number of losses that may be deducted to $500,000 in tax years ending on or after Dec. 31, 2024, and before Dec. 31, 2027. The regulations took effect Jan. 15. [Ill. Dep’t of Revenue, Regs. Sections 100.2160, 100.2193, et al., 01/31/25 Ill. Reg.]