summary
Introduced
02/09/2017
02/09/2017
In Committee
03/31/2017
03/31/2017
Crossed Over
Passed
Dead
01/08/2019
01/08/2019
Introduced Session
100th General Assembly
Bill Summary
Amends the Illinois Income Tax Act. Makes the following changes with respect to the angel investment credit: (1) reinstates the credit for taxable years beginning on or after December 31, 2016 and ending on or before December 31, 2021; (2) provides that the term "applicant" includes a corporation, partnership, or limited liability company formed for the purpose of facilitating an offer or sale of a security by an in-State issuer to resident of the State as provided under a particular provision of the Illinois Securities Law of 1953; (3) provides a definition of "investment"; (4) contains a requirement that the applicant must agree to remain in the State for a period of not less than 3 years; and (5) makes changes concerning the allocation of the credit awards. Effective immediately.
AI Summary
This bill reinstates the angel investment credit in Illinois for taxable years beginning on or after December 31, 2016 and ending on or before December 31, 2021. The bill modifies the definition of "applicant" to include certain corporations, partnerships, or limited liability companies formed to facilitate an offering conducted under the Illinois Securities Law. It also provides a definition of "investment" and requires the applicant to agree to remain in Illinois for at least 3 years. The bill increases the annual cap on the total amount of tax credits that can be claimed from $10 million to $20 million and makes changes to the allocation of the credit awards. The bill takes effect immediately.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Session Sine Die (on 01/08/2019)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.ilga.gov/legislation/BillStatus.asp?DocNum=2946&GAID=14&DocTypeID=HB&SessionID=91&GA=100 |
| BillText | http://www.ilga.gov/legislation/100/HB/10000HB2946.htm |
| Bill | http://www.ilga.gov/legislation/100/HB/PDF/10000HB2946.pdf |
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