Illinois General Assembly - Bill Status for HB0445
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 Bill Status of HB0445  102nd General Assembly


Short Description:  INCOME TAX-ANGEL CREDIT

House Sponsors
Rep. Mark L. Walker and Tony McCombie

Last Action
DateChamber Action
  3/27/2021HouseRule 19(a) / Re-referred to Rules Committee

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) of the maximum credit amount that may be awarded, $10,000,000 shall be reserved for priority industries; (4) the term "priority industry" means an industry determined by the Department to have high potential for growth; (5) 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%); (6) 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) 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. Defines terms.

Actions 
DateChamber Action
  2/1/2021HouseFiled with the Clerk by Rep. Mark L. Walker
  2/8/2021HouseFirst Reading
  2/8/2021HouseReferred to Rules Committee
  2/11/2021HouseAdded Co-Sponsor Rep. Tony McCombie
  3/2/2021HouseAssigned to Revenue & Finance Committee
  3/11/2021HouseTo Income Tax Subcommittee
  3/27/2021HouseRule 19(a) / Re-referred to Rules Committee

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