Illinois House Bill 3706 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 4-0)
Status: Introduced on February 15 2019 - 25% progression, died in committee
Action: 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Income Tax Act. In a Section concerning the angel investment credit, provides that: (1) the Department of Commerce and Economic Opportunity may charge an application fee of $500; (2) increases the maximum credit amount that may be awarded from $10,000,000 to $20,000,000; (3) provides that, of the maximum credit amount that may be awarded, $10,000,000 shall be reserved for priority industries; (4) provides that the term "priority industry" means an industry determined by the Department to have high potential for growth; (5) provides that a person may be considered a "related member" if the person has at least a 33% ownership interest in the qualified new business venture (currently, 50%); and (6) provides that an investment that is part of a refinancing of a prior investment in a qualified new business venture is not eligible for the credit; and (7) provides that, if the investment is made in a disenfranchised community business, the amount of the credit shall be equal to 40% (currently, 25%) of the claimant's investment.

INC TX-ANGEL CREDIT

Sen. Mark Walker [D]

Rep. Terra Costa Howard [D]

Rep. Daniel Didech [D]

Rep. Jonathan Pizer [D]

Date	Chamber	Action
2020-06-23	House	Rule 19(b) / Re-referred to Rules Committee
2020-05-22	House	Added Co-Sponsor Rep. Jonathan "Yoni" Pizer
2020-03-17	House	Assigned to Revenue & Finance Committee
2019-03-29	House	House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee
2019-03-29	House	Rule 19(a) / Re-referred to Rules Committee
2019-03-27	House	House Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee
2019-03-26	House	House Committee Amendment No. 1 Referred to Rules Committee
2019-03-26	House	House Committee Amendment No. 1 Filed with Clerk by Rep. Mark L. Walker
2019-03-19	House	Added Co-Sponsor Rep. Daniel Didech
2019-03-19	House	Added Co-Sponsor Rep. Terra Costa Howard
2019-03-14	House	To Income Tax Subcommittee
2019-03-05	House	Assigned to Revenue & Finance Committee
2019-02-15	House	Referred to Rules Committee
2019-02-15	House	First Reading
2019-02-15	House	Filed with the Clerk by Rep. Mark L. Walker

Chapter	Article	Section	Citation Type	Statute Text
35	5	220	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3706&GAID=15&DocTypeID=HB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/HB/10100HB3706.htm
Amendment	https://www.ilga.gov/legislation/101/HB/10100HB3706ham001.htm