Bill Status of HB 3706   101st General Assembly

Short Description:  INC TX-ANGEL CREDIT

House Sponsors
Rep. Mark L. Walker, Terra Costa Howard, Daniel Didech and Jonathan "Yoni" Pizer

Last Action  View All Actions

DateChamber Action
  1/13/2021HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/220

Synopsis As Introduced
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.

Actions 
DateChamber Action
  2/15/2019HouseFiled with the Clerk by Rep. Mark L. Walker
  2/15/2019HouseFirst Reading
  2/15/2019HouseReferred to Rules Committee
  3/5/2019HouseAssigned to Revenue & Finance Committee
  3/14/2019HouseTo Income Tax Subcommittee
  3/19/2019HouseAdded Co-Sponsor Rep. Terra Costa Howard
  3/19/2019HouseAdded Co-Sponsor Rep. Daniel Didech
  3/26/2019HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Mark L. Walker
  3/26/2019HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/27/2019HouseHouse Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee
  3/29/2019HouseRule 19(a) / Re-referred to Rules Committee
  3/29/2019HouseHouse Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee
  3/17/2020HouseAssigned to Revenue & Finance Committee
  5/22/2020HouseAdded Co-Sponsor Rep. Jonathan "Yoni" Pizer
  6/23/2020HouseRule 19(b) / Re-referred to Rules Committee
  1/13/2021HouseSession Sine Die

Back To Top