Bill Status of SB 1263   95th General Assembly


Short Description:  INC TAX-VENTURE CAPITAL CREDIT

Senate Sponsors
Sen. Michael Noland

Last Action  View All Actions

DateChamber Action
  1/13/2009SenateSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/218 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that, for 5 taxable years, each taxpayer is entitled to an income tax credit for an investment in a qualified venture capital fund in Illinois. Provides that (i) the fund must have its primary office in Illinois (ii) at least 50% of the total number of investments in the fund's portfolio must be in companies that are based in Illinois. The amount of the credit is based on several factors: economic need of the region in Illinois where the investment occurs, the population of the county in Illinois where the investment occurs, whether the company invested in is an Illinois company that is minority or women owned, and whether the investment is a seed-level investment in an Illinois company. The taxpayer may receive a credit in the amount of 10% of the taxpayer's investment if the investment meets one of the factors and 20% if the investment meets more than one of the factors. But the taxpayer is not eligible for the credit until the fund makes an investment in Illinois. Provides that the tax credit may not reduce the taxpayer's liability to less than zero, but may be carried forward for 5 years. Effective immediately.

Actions 
DateChamber Action
  2/9/2007SenateFiled with Secretary by Sen. Michael Noland
  2/9/2007SenateFirst Reading
  2/9/2007SenateReferred to Rules
  1/13/2009SenateSession Sine Die

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