Form Reg 1 is a new form created by the Illinois Department of Revenue. The form is designed to help businesses claim the Research and Development Credit. Businesses that complete Form Reg 1 can receive a credit equal to 6.5% of their qualified research expenses for the taxable year. Eligible businesses can claim this credit against their Illinois income tax, withholding tax, and estimated taxes. In order to qualify for the credit, businesses must meet certain requirements, including spending at least $500 in qualified research expenses. Completing Form Reg 1 is simple and straightforward; it only takes a few minutes to complete. If you are eligible for the Research and Development Credit, be sure to submit Form Reg 1 along with your tax return. Form Reg 1 has been created by the Illinois Department of Revenue in order to help businesses claim the Research and Development Credit (R&D Credit). The R&D Credit offers businesses an incentive to invest in qualifying research activities
| Question | Answer |
|---|---|
| Form Name | Form Reg 1 Illinois |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | reg1 reg 1 illinois form |
