Bill Title: 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.
Spectrum: Bipartisan Bill
Status: (Passed) 2017-08-24 - Public Act . . . . . . . . . 100-0328
[SB2012 Detail]
Bill Drafts
| Revision | Date | Format | Source | View |
|---|
| Chaptered | 2017-08-24 | HTML/Text | Link | View |
| Enrolled | 2017-05-31 | HTML/Text | Link | View |
| Engrossed | 2017-05-05 | HTML/Text | Link | View |
| Introduced | 2017-02-10 | HTML/Text | Link | View |
Amendments
Supplemental Documents
| Title | Description | Date | Format | Source | View |
|---|
| No supplemental documents for Illinois SB2012 currently on file. |
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