IL HB1251 | 2023-2024 | 103rd General Assembly

Status

Completed Legislative Action
Spectrum: Bipartisan Bill
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Illinois Income Tax Act. In provisions concerning the angel investment credit, provides that the amount of the credit is 35% (rather than 25%) of the claimant's investment made directly in the qualified new business venture if the investment is made in: (1) a qualified new business venture that is a minority-owned business, a women-owned business, or a business owned a person with a disability; or (2) a qualified new business venture in which the principal place of business is located in a county with a population of not more than 250,000. Increases the aggregate amount of angel investment credits that may be claimed in a taxable year.

Tracking Information

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Title

INC TX-ANGEL INVESTMENT

Sponsors


History

DateChamberAction
2025-01-07HouseSession Sine Die
2023-03-10HouseRule 19(a) / Re-referred to Rules Committee
2023-02-28HouseAdded Co-Sponsor Rep. Ann M. Williams
2023-02-28HouseAdded Co-Sponsor Rep. Martin McLaughlin
2023-02-28HouseAdded Co-Sponsor Rep. Travis Weaver
2023-02-23HouseAdded Co-Sponsor Rep. Mark L. Walker
2023-02-23HouseAdded Co-Sponsor Rep. Joe C. Sosnowski
2023-02-16HouseTo Revenue - Tax Credit and Incentives Subcommittee
2023-02-07HouseAssigned to Revenue & Finance Committee
2023-01-31HouseReferred to Rules Committee
2023-01-31HouseFirst Reading
2023-01-18HouseRemove Chief Co-Sponsor Rep. Norine K. Hammond
2023-01-18HouseAdded Chief Co-Sponsor Rep. Norine K. Hammond
2023-01-18HouseFiled with the Clerk by Rep. Margaret Croke

Code Citations

ChapterArticleSectionCitation TypeStatute Text
355220Amended CodeCitation Text

Illinois State Sources


Bill Comments

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