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]
Spectrum: Bipartisan Bill
Status: (Passed) 2017-08-24 - Public Act . . . . . . . . . 100-0328 [SB2012 Detail]
Text: Latest bill text (Chaptered) [HTML]
Sponsors
Name | Type | Sponsorship | District | Financial | Encyclopedia | Biography |
---|---|---|---|---|---|---|
Senator Chuck Weaver [R] | Primary | Sponsored Bills | SD-037 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Carol Sente [D] | Primary | Sponsored Bills | HD-059 | FollowTheMoney | Ballotpedia | VoteSmart |
Senator Elgie Sims [D] | Cosponsor | Sponsored Bills | SD-017 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Grant Wehrli [R] | Cosponsor | Sponsored Bills | HD-041 | FollowTheMoney | Ballotpedia | VoteSmart |
Senator Brian Stewart [R] | Cosponsor | Sponsored Bills | SD-045 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Jaime Andrade [D] | Cosponsor | Sponsored Bills | HD-040 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Emanuel Welch [D] | Cosponsor | Sponsored Bills | HD-007 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Anthony DeLuca [D] | Cosponsor | Sponsored Bills | HD-080 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Keith Wheeler [R] | Cosponsor | Sponsored Bills | HD-050 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Timothy Butler [R] | Cosponsor | Sponsored Bills | HD-087 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Jerry Costello [D] | Cosponsor | Sponsored Bills | HD-116 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Randy Frese [R] | Cosponsor | Sponsored Bills | HD-099 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Avery Bourne [R] | Cosponsor | Sponsored Bills | HD-095 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Michael McAuliffe [R] | Cosponsor | Sponsored Bills | HD-020 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Elizabeth Hernandez [D] | Cosponsor | Sponsored Bills | HD-002 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Mike Fortner [R] | Cosponsor | Sponsored Bills | HD-049 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative David Olsen [R] | Cosponsor | Sponsored Bills | HD-081 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Linda LaVia [D] | Cosponsor | Sponsored Bills | HD-083 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Patricia Bellock [R] | Cosponsor | Sponsored Bills | HD-047 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Lawrence Walsh [D] | Cosponsor | Sponsored Bills | HD-086 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Brandon Phelps [D] | Cosponsor | Sponsored Bills | HD-118 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Daniel Beiser [D] | Cosponsor | Sponsored Bills | HD-111 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Kathleen Willis [D] | Cosponsor | Sponsored Bills | HD-077 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Sam Yingling [D] | Cosponsor | Sponsored Bills | HD-062 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative Marcus Evans [D] | Cosponsor | Sponsored Bills | HD-033 | FollowTheMoney | Ballotpedia | VoteSmart |
Representative LaShawn Ford [D] | Cosponsor | Sponsored Bills | HD-008 | FollowTheMoney | Ballotpedia | VoteSmart |