OBAMA-CLAYBORNE-LIGHTFORD. 35 ILCS 5/213 new 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. FEB-22-2001 S FIRST READING FEB-22-2001 S REFERRED TO SENATE RULES COMMITTEE RULES FEB-28-2001 S ASSIGNED TO COMMITTEE REVENUE FEB-28-2001 S ADDED AS A CHIEF CO-SPONSOR CLAYBORNE MAR-01-2001 S ADDED AS A CHIEF CO-SPONSOR LIGHTFORD MAR-22-2001 S POSTPONED MAR-29-2001 S DO PASS 007-002-000 SREV MAR-29-2001 S PLACED ON CALENDAR ORDER OF 2ND READING 01-03-30 APR-02-2001 S FILED WITH SECRETARY APR-02-2001 S AMENDMENT NO. 01-OBAMA APR-02-2001 S AMENDMENT REFERRED TO SRUL APR-02-2001 S AMENDMENT NO. 01-OBAMA APR-02-2001 S RULES REFERS TO SREV APR-05-2001 S SECOND READING APR-05-2001 S PLACED ON CALENDAR ORDER OF 3RD READING 01-04-05 JUL-01-2001 S REFER TO RULES/PURSUANT SEN RULE 3-9 (B) RULES SRUL JUL-01-2001 S TABLED PURSUANT TO RULE 5-4(A) SA 01 JUL-01-2001 S COMMITTEE RULES JAN-07-2003 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary