92nd General Assembly
Summary of SB1111
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Senate Sponsors:
OBAMA-CLAYBORNE-LIGHTFORD.

Short description: 
INC TAX-VENTURE CAPITAL CREDIT                                             

Synopsis of Bill 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.                                                      
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 



 Full Text  Bill Status