Bill Sponsors: IL SB2012 | 2017-2018 | 100th General Assembly

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]

Text: Latest bill text (Chaptered) [HTML]

Sponsors

NameTypeSponsorshipDistrictFinancialEncyclopediaBiography
Senator Chuck Weaver [R]PrimarySponsored BillsSD-037FollowTheMoneyBallotpediaVoteSmart
Representative Carol Sente [D]PrimarySponsored BillsHD-059FollowTheMoneyBallotpediaVoteSmart
Senator Elgie Sims [D]CosponsorSponsored BillsSD-017FollowTheMoneyBallotpediaVoteSmart
Representative Grant Wehrli [R]CosponsorSponsored BillsHD-041FollowTheMoneyBallotpediaVoteSmart
Senator Brian Stewart [R]CosponsorSponsored BillsSD-045FollowTheMoneyBallotpediaVoteSmart
Representative Jaime Andrade [D]CosponsorSponsored BillsHD-040FollowTheMoneyBallotpediaVoteSmart
Representative Emanuel Welch [D]CosponsorSponsored BillsHD-007FollowTheMoneyBallotpediaVoteSmart
Representative Anthony DeLuca [D]CosponsorSponsored BillsHD-080FollowTheMoneyBallotpediaVoteSmart
Representative Keith Wheeler [R]CosponsorSponsored BillsHD-050FollowTheMoneyBallotpediaVoteSmart
Representative Timothy Butler [R]CosponsorSponsored BillsN/AFollowTheMoneyBallotpediaVoteSmart
Representative Jerry Costello [D]CosponsorSponsored BillsHD-116FollowTheMoneyBallotpediaVoteSmart
Representative Randy Frese [R]CosponsorSponsored BillsHD-094FollowTheMoneyBallotpediaVoteSmart
Representative Avery Bourne [R]CosponsorSponsored BillsN/AFollowTheMoneyBallotpediaVoteSmart
Representative Michael McAuliffe [R]CosponsorSponsored BillsHD-020FollowTheMoneyBallotpediaVoteSmart
Representative Elizabeth Hernandez [D]CosponsorSponsored BillsHD-024FollowTheMoneyBallotpediaVoteSmart
Representative Mike Fortner [R]CosponsorSponsored BillsHD-049FollowTheMoneyBallotpediaVoteSmart
Representative David Olsen [R]CosponsorSponsored BillsHD-081FollowTheMoneyBallotpediaVoteSmart
Representative Linda LaVia [D]CosponsorSponsored BillsHD-083FollowTheMoneyBallotpediaVoteSmart
Representative Patricia Bellock [R]CosponsorSponsored BillsHD-047FollowTheMoneyBallotpediaVoteSmart
Representative Lawrence Walsh [D]CosponsorSponsored BillsHD-086FollowTheMoneyBallotpediaVoteSmart
Representative Brandon Phelps [D]CosponsorSponsored BillsHD-118FollowTheMoneyBallotpediaVoteSmart
Representative Daniel Beiser [D]CosponsorSponsored BillsHD-111FollowTheMoneyBallotpediaVoteSmart
Representative Kathleen Willis [D]CosponsorSponsored BillsHD-077FollowTheMoneyBallotpediaVoteSmart
Representative Sam Yingling [D]CosponsorSponsored BillsHD-062FollowTheMoneyBallotpediaVoteSmart
Representative Marcus Evans [D]CosponsorSponsored BillsHD-033FollowTheMoneyBallotpediaVoteSmart
Representative LaShawn Ford [D]CosponsorSponsored BillsHD-008FollowTheMoneyBallotpediaVoteSmart

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