WATSON. New Act 215 ILCS 5/409 from Ch. 73, par. 1021 Creates the Certified Capital Company Act to provide assistance in the formation of new and expansion of existing businesses that create jobs in the State by providing an incentive, in the form of tax credits against the State's privilege taxes, for insurance companies to invest in certified capital companies. Provides that the Department of Commerce and Community Affairs shall implement the provisions of the Act. Provides that an insurance company that qualifies as a certified investor shall earn a vested credit against State privilege taxes equal to 100% of the investor's investment of certified capital, of which 10% may be taken in any taxable year. Provides that the aggregate amount of certified capital for which privilege tax credits shall be allowed for all certified investors shall not exceed the amount that would entitle all certified investors to take aggregate credits of $30,000,000 per year. Amends the Illinois Insurance Code to provide that the amount of the credit earned under the Certified Capital Company Act may be deducted from a company's privilege tax liability. Effective immediately. 98-02-20 S FIRST READING 98-02-20 S REFERRED TO SENATE RULES COMMITTEE RULES 99-01-12 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary