IL SB2012 | 2017-2018 | 100th General Assembly
Status
Completed Legislative Action
Spectrum: Bipartisan Bill
Status: Passed on August 24 2017 - 100% progression
Action: 2017-08-24 - Public Act . . . . . . . . . 100-0328
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Bipartisan Bill
Status: Passed on August 24 2017 - 100% progression
Action: 2017-08-24 - Public Act . . . . . . . . . 100-0328
Text: Latest bill text (Chaptered) [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.
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]
2017-05-05 - Senate - Third Reading in Senate (Y: 50 N: 0 NV: 9 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2017-08-24 | Senate | Public Act . . . . . . . . . 100-0328 |
| 2017-08-24 | Senate | Effective Date January 1, 2018 |
| 2017-08-24 | Senate | Governor Approved |
| 2017-06-28 | Senate | Sent to the Governor |
| 2017-05-31 | House | Added Alternate Co-Sponsor Rep. La Shawn K. Ford |
| 2017-05-31 | House | Added Alternate Co-Sponsor Rep. Marcus C. Evans, Jr. |
| 2017-05-31 | House | Added Alternate Co-Sponsor Rep. Sam Yingling |
| 2017-05-31 | House | Added Alternate Co-Sponsor Rep. Kathleen Willis |
| 2017-05-31 | House | Added Alternate Co-Sponsor Rep. Daniel V. Beiser |
| 2017-05-31 | House | Added Alternate Co-Sponsor Rep. Brandon W. Phelps |
| 2017-05-31 | House | Added Alternate Co-Sponsor Rep. Lawrence Walsh, Jr. |
| 2017-05-31 | House | Added Alternate Co-Sponsor Rep. Patricia R. Bellock |
| 2017-05-30 | Senate | Passed Both Houses |
| 2017-05-30 | House | Added Alternate Co-Sponsor Rep. Linda Chapa LaVia |
| 2017-05-30 | House | Added Alternate Co-Sponsor Rep. David S. Olsen |
| 2017-05-30 | House | Added Alternate Co-Sponsor Rep. Mike Fortner |
| 2017-05-30 | House | Added Alternate Co-Sponsor Rep. Elizabeth Hernandez |
| 2017-05-30 | House | Third Reading - Short Debate - Passed 113-000-000 |
| 2017-05-26 | House | Final Action Deadline Extended-9(b) May 31, 2017 |
| 2017-05-24 | House | Added Alternate Chief Co-Sponsor Rep. Jaime M. Andrade, Jr. |
| 2017-05-24 | House | Added Alternate Co-Sponsor Rep. Michael P. McAuliffe |
| 2017-05-24 | House | Added Alternate Co-Sponsor Rep. Avery Bourne |
| 2017-05-24 | House | Added Alternate Co-Sponsor Rep. Randy E. Frese |
| 2017-05-24 | House | Added Alternate Co-Sponsor Rep. Jerry Costello, II |
| 2017-05-24 | House | Added Alternate Co-Sponsor Rep. Tim Butler |
| 2017-05-24 | House | Added Alternate Co-Sponsor Rep. Keith R. Wheeler |
| 2017-05-24 | House | Added Alternate Co-Sponsor Rep. Anthony DeLuca |
| 2017-05-24 | House | Added Alternate Co-Sponsor Rep. Emanuel Chris Welch |
| 2017-05-24 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 2017-05-24 | House | Second Reading - Short Debate |
| 2017-05-24 | House | Added Alternate Chief Co-Sponsor Rep. Brian W. Stewart |
| 2017-05-24 | House | Added Alternate Chief Co-Sponsor Rep. Grant Wehrli |
| 2017-05-24 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2017-05-24 | House | Do Pass / Short Debate Revenue & Finance Committee; 011-000-000 |
| 2017-05-19 | House | Committee Deadline Extended-Rule 9(b) May 26, 2017 |
| 2017-05-18 | House | Added Alternate Chief Co-Sponsor Rep. Elgie R. Sims, Jr. |
| 2017-05-15 | House | Assigned to Revenue & Finance Committee |
| 2017-05-09 | House | Referred to Rules Committee |
| 2017-05-09 | House | First Reading |
| 2017-05-08 | House | Chief House Sponsor Rep. Carol Sente |
| 2017-05-08 | House | Arrived in House |
| 2017-05-05 | Senate | Third Reading - Passed; 050-000-000 |
| 2017-05-04 | Senate | Rule 2-10 Third Reading Deadline Established As May 31, 2017 |
| 2017-05-04 | Senate | Placed on Calendar Order of 3rd Reading May 5, 2017 |
| 2017-05-04 | Senate | Second Reading |
| 2017-05-04 | Senate | Placed on Calendar Order of 2nd Reading |
| 2017-05-04 | Senate | Do Pass as Amended Revenue; 009-000-000 |
| 2017-05-03 | Senate | Senate Committee Amendment No. 1 Adopted |
| 2017-05-02 | Senate | Senate Committee Amendment No. 1 Assignments Refers to Revenue |
| 2017-04-27 | Senate | Senate Committee Amendment No. 1 Referred to Assignments |
| 2017-04-27 | Senate | Senate Committee Amendment No. 1 Filed with Secretary by Sen. Chuck Weaver |
| 2017-04-07 | Senate | Rule 2-10 Committee Deadline Established As May 5, 2017 |
| 2017-04-06 | Senate | Postponed - Revenue |
| 2017-03-17 | Senate | Rule 2-10 Committee Deadline Established As April 7, 2017 |
| 2017-03-16 | Senate | Postponed - Revenue |
| 2017-03-09 | Senate | Postponed - Revenue |
| 2017-02-28 | Senate | Assigned to Revenue |
| 2017-02-10 | Senate | Referred to Assignments |
| 2017-02-10 | Senate | First Reading |
| 2017-02-10 | Senate | Filed with Secretary by Sen. Chuck Weaver |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 35 | 5 | 220 | Amended Code | Citation Text |
