Bill Status of SB 2012   100th General Assembly

Short Description:  INC TX-ANGEL CREDIT

Senate Sponsors
Sen. Chuck Weaver

House Sponsors
(Rep. Carol Sente-Elgie R. Sims, Jr.-Grant Wehrli-Brian W. Stewart-Jaime M. Andrade, Jr., Emanuel Chris Welch, Anthony DeLuca, Keith R. Wheeler, Tim Butler, Jerry Costello, II, Randy E. Frese, Avery Bourne, Michael P. McAuliffe, Elizabeth Hernandez, Mike Fortner, David S. Olsen, Linda Chapa LaVia, Patricia R. Bellock, Lawrence Walsh, Jr., Brandon W. Phelps, Daniel V. Beiser, Kathleen Willis, Sam Yingling, Marcus C. Evans, Jr. and La Shawn K. Ford)


Last Action  View All Actions

DateChamber Action
  8/24/2017SenatePublic Act . . . . . . . . . 100-0328

Statutes Amended In Order of Appearance
35 ILCS 5/220

Synopsis As Introduced
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.

Senate Committee Amendment No. 1
Replaces everything after the enacting clause. 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) defines "investment" as money (or its equivalent) given to a qualified new business venture, at a risk of loss, in consideration for an equity interest of the qualified new business venture; (3) provides that the Department of Commerce and Economic Opportunity may adopt rules to permit certain forms of contingent equity investments to be considered eligible for a tax credit under the program; (4) provides that the minimum amount an applicant must invest in any single qualified new business venture is $10,000; (5) provides that qualified business ventures must maintain a minimum employment threshold in the State through the date which is 3 years from the issue date of the last tax credit certificate issued with respect to that business; (6) provides that, of the aggregate amount of credits that may be awarded under the program, a certain amount shall be reserved for investments made in minority owned businesses, female owned businesses, or businesses owned by a person with a disability; (7) makes changes concerning applications for qualified business ventures.

Actions 
DateChamber Action
  2/10/2017SenateFiled with Secretary by Sen. Chuck Weaver
  2/10/2017SenateFirst Reading
  2/10/2017SenateReferred to Assignments
  2/28/2017SenateAssigned to Revenue
  3/9/2017SenatePostponed - Revenue
  3/16/2017SenatePostponed - Revenue
  3/17/2017SenateRule 2-10 Committee Deadline Established As April 7, 2017
  4/6/2017SenatePostponed - Revenue
  4/7/2017SenateRule 2-10 Committee Deadline Established As May 5, 2017
  4/27/2017SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Chuck Weaver
  4/27/2017SenateSenate Committee Amendment No. 1 Referred to Assignments
  5/2/2017SenateSenate Committee Amendment No. 1 Assignments Refers to Revenue
  5/3/2017SenateSenate Committee Amendment No. 1 Adopted
  5/4/2017SenateDo Pass as Amended Revenue; 009-000-000
  5/4/2017SenatePlaced on Calendar Order of 2nd Reading
  5/4/2017SenateSecond Reading
  5/4/2017SenatePlaced on Calendar Order of 3rd Reading May 5, 2017
  5/4/2017SenateRule 2-10 Third Reading Deadline Established As May 31, 2017
  5/5/2017SenateThird Reading - Passed; 050-000-000
  5/8/2017HouseArrived in House
  5/8/2017HouseChief House Sponsor Rep. Carol Sente
  5/9/2017HouseFirst Reading
  5/9/2017HouseReferred to Rules Committee
  5/15/2017HouseAssigned to Revenue & Finance Committee
  5/18/2017HouseAdded Alternate Chief Co-Sponsor Rep. Elgie R. Sims, Jr.
  5/19/2017HouseCommittee Deadline Extended-Rule 9(b) May 26, 2017
  5/24/2017HouseDo Pass / Short Debate Revenue & Finance Committee; 011-000-000
  5/24/2017HousePlaced on Calendar 2nd Reading - Short Debate
  5/24/2017HouseAdded Alternate Chief Co-Sponsor Rep. Grant Wehrli
  5/24/2017HouseAdded Alternate Chief Co-Sponsor Rep. Brian W. Stewart
  5/24/2017HouseSecond Reading - Short Debate
  5/24/2017HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/24/2017HouseAdded Alternate Co-Sponsor Rep. Emanuel Chris Welch
  5/24/2017HouseAdded Alternate Co-Sponsor Rep. Anthony DeLuca
  5/24/2017HouseAdded Alternate Co-Sponsor Rep. Keith R. Wheeler
  5/24/2017HouseAdded Alternate Co-Sponsor Rep. Tim Butler
  5/24/2017HouseAdded Alternate Co-Sponsor Rep. Jerry Costello, II
  5/24/2017HouseAdded Alternate Co-Sponsor Rep. Randy E. Frese
  5/24/2017HouseAdded Alternate Co-Sponsor Rep. Avery Bourne
  5/24/2017HouseAdded Alternate Co-Sponsor Rep. Michael P. McAuliffe
  5/24/2017HouseAdded Alternate Chief Co-Sponsor Rep. Jaime M. Andrade, Jr.
  5/26/2017HouseFinal Action Deadline Extended-9(b) May 31, 2017
  5/30/2017HouseThird Reading - Short Debate - Passed 113-000-000
  5/30/2017HouseAdded Alternate Co-Sponsor Rep. Elizabeth Hernandez
  5/30/2017HouseAdded Alternate Co-Sponsor Rep. Mike Fortner
  5/30/2017HouseAdded Alternate Co-Sponsor Rep. David S. Olsen
  5/30/2017HouseAdded Alternate Co-Sponsor Rep. Linda Chapa LaVia
  5/30/2017SenatePassed Both Houses
  5/31/2017HouseAdded Alternate Co-Sponsor Rep. Patricia R. Bellock
  5/31/2017HouseAdded Alternate Co-Sponsor Rep. Lawrence Walsh, Jr.
  5/31/2017HouseAdded Alternate Co-Sponsor Rep. Brandon W. Phelps
  5/31/2017HouseAdded Alternate Co-Sponsor Rep. Daniel V. Beiser
  5/31/2017HouseAdded Alternate Co-Sponsor Rep. Kathleen Willis
  5/31/2017HouseAdded Alternate Co-Sponsor Rep. Sam Yingling
  5/31/2017HouseAdded Alternate Co-Sponsor Rep. Marcus C. Evans, Jr.
  5/31/2017HouseAdded Alternate Co-Sponsor Rep. La Shawn K. Ford
  6/28/2017SenateSent to the Governor
  8/24/2017SenateGovernor Approved
  8/24/2017SenateEffective Date January 1, 2018
  8/24/2017SenatePublic Act . . . . . . . . . 100-0328

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