IL SB2012 | 2017-2018 | 100th General Assembly

Status

Spectrum: Bipartisan Bill
Status: Enrolled on May 30 2017 - 75% progression
Action: 2017-06-28 - Sent to the Governor
Text: Latest bill text (Enrolled) [HTML]

Summary

Amends the Illinois Income Tax Act. Makes the following changes with respect to the angel investment credit: (1) provides that the credit applies for taxable years ending on or before December 31, 2021 (currently, December 31, 2016); (2) increases the maximum aggregate amount of the angel investment credit from $10,000,000 to $20,000,000; (3) defines "investment" as equity, Simple Agreement for Future Equity (SAFE) Agreements, and convertible notes; (4) provides that each qualified new business venture must renew its registration on an annual basis; (5) provides that, for taxable years ending on or after December 31, 2017, applicants for the credit must make a minimum investment of $10,000 in a qualified new business venture (currently, there is no minimum investment requirement); (6) provides that the maximum amount of an applicant's total investment made directly in any single qualified new business venture that may be used as the basis for a credit under this Section is $2,000,000 (currently, that is the maximum for each investment made in a qualified new business venture); (7) contains recapture provisions; and (8) contains provisions concerning investments in minority-owned businesses, female-owned businesses, or businesses owned by a person with a disability. Effective immediately.

Tracking Information

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Title

INC TX-ANGEL CREDIT

Sponsors


Roll Calls

2017-05-30 - House - Third Reading in House (Y: 113 N: 0 NV: 3 Abs: 1) [PASS]
2017-05-05 - Senate - Third Reading in Senate (Y: 50 N: 0 NV: 9 Abs: 0) [PASS]

History

DateChamberAction
2017-06-28SenateSent to the Governor
2017-05-31HouseAdded Alternate Co-Sponsor Rep. La Shawn K. Ford
2017-05-31HouseAdded Alternate Co-Sponsor Rep. Marcus C. Evans, Jr.
2017-05-31HouseAdded Alternate Co-Sponsor Rep. Sam Yingling
2017-05-31HouseAdded Alternate Co-Sponsor Rep. Kathleen Willis
2017-05-31HouseAdded Alternate Co-Sponsor Rep. Daniel V. Beiser
2017-05-31HouseAdded Alternate Co-Sponsor Rep. Brandon W. Phelps
2017-05-31HouseAdded Alternate Co-Sponsor Rep. Lawrence Walsh, Jr.
2017-05-31HouseAdded Alternate Co-Sponsor Rep. Patricia R. Bellock
2017-05-30SenatePassed Both Houses
2017-05-30HouseAdded Alternate Co-Sponsor Rep. Linda Chapa LaVia
2017-05-30HouseAdded Alternate Co-Sponsor Rep. David S. Olsen
2017-05-30HouseAdded Alternate Co-Sponsor Rep. Mike Fortner
2017-05-30HouseAdded Alternate Co-Sponsor Rep. Elizabeth Hernandez
2017-05-30HouseThird Reading - Short Debate - Passed 113-000-000
2017-05-26HouseFinal Action Deadline Extended-9(b) May 31, 2017
2017-05-24HouseAdded Alternate Chief Co-Sponsor Rep. Jaime M. Andrade, Jr.
2017-05-24HouseAdded Alternate Co-Sponsor Rep. Michael P. McAuliffe
2017-05-24HouseAdded Alternate Co-Sponsor Rep. Avery Bourne
2017-05-24HouseAdded Alternate Co-Sponsor Rep. Randy E. Frese
2017-05-24HouseAdded Alternate Co-Sponsor Rep. Jerry Costello, II
2017-05-24HouseAdded Alternate Co-Sponsor Rep. Tim Butler
2017-05-24HouseAdded Alternate Co-Sponsor Rep. Keith R. Wheeler
2017-05-24HouseAdded Alternate Co-Sponsor Rep. Anthony DeLuca
2017-05-24HouseAdded Alternate Co-Sponsor Rep. Emanuel Chris Welch
2017-05-24HousePlaced on Calendar Order of 3rd Reading - Short Debate
2017-05-24HouseSecond Reading - Short Debate
2017-05-24HouseAdded Alternate Chief Co-Sponsor Rep. Brian W. Stewart
2017-05-24HouseAdded Alternate Chief Co-Sponsor Rep. Grant Wehrli
2017-05-24HousePlaced on Calendar 2nd Reading - Short Debate
2017-05-24HouseDo Pass / Short Debate Revenue & Finance Committee; 011-000-000
2017-05-19HouseCommittee Deadline Extended-Rule 9(b) May 26, 2017
2017-05-18HouseAdded Alternate Chief Co-Sponsor Rep. Elgie R. Sims, Jr.
2017-05-15HouseAssigned to Revenue & Finance Committee
2017-05-09HouseReferred to Rules Committee
2017-05-09HouseFirst Reading
2017-05-08HouseChief House Sponsor Rep. Carol Sente
2017-05-08HouseArrived in House
2017-05-05SenateThird Reading - Passed; 050-000-000
2017-05-04SenateRule 2-10 Third Reading Deadline Established As May 31, 2017
2017-05-04SenatePlaced on Calendar Order of 3rd Reading May 5, 2017
2017-05-04SenateSecond Reading
2017-05-04SenatePlaced on Calendar Order of 2nd Reading
2017-05-04SenateDo Pass as Amended Revenue; 009-000-000
2017-05-03SenateSenate Committee Amendment No. 1 Adopted
2017-05-02SenateSenate Committee Amendment No. 1 Assignments Refers to Revenue
2017-04-27SenateSenate Committee Amendment No. 1 Referred to Assignments
2017-04-27SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Chuck Weaver
2017-04-07SenateRule 2-10 Committee Deadline Established As May 5, 2017
2017-04-06SenatePostponed - Revenue
2017-03-17SenateRule 2-10 Committee Deadline Established As April 7, 2017
2017-03-16SenatePostponed - Revenue
2017-03-09SenatePostponed - Revenue
2017-02-28SenateAssigned to Revenue
2017-02-10SenateReferred to Assignments
2017-02-10SenateFirst Reading
2017-02-10SenateFiled with Secretary by Sen. Chuck Weaver

Code Citations

ChapterArticleSectionCitation TypeStatute Text
355220Amended CodeCitation Text

Illinois State Sources


Bill Comments

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