Bill Title: 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.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced - Dead) 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee [HB3706 Detail]

Text: Latest bill text (Introduced) [HTML]

---

PolitiCorps Conversations

Start PolitiCorps Debate

Title	PolitiCorps	Access	Comments	Views	Last Post
There are no visible public or private PolitiCorps discussions concerning the 2019 Illinois HB3706 at this time.

Social Comments on IL HB3706