Illinois House Bill 2946 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: Failed on January 8 2019 - 100% progression
Action: 2019-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Income Tax Act. Makes the following changes with respect to the angel investment credit: (1) reinstates the credit for taxable years beginning on or after December 31, 2016 and ending on or before December 31, 2021; (2) provides that the term "applicant" includes a corporation, partnership, or limited liability company formed for the purpose of facilitating an offer or sale of a security by an in-State issuer to resident of the State as provided under a particular provision of the Illinois Securities Law of 1953; (3) provides a definition of "investment"; (4) contains a requirement that the applicant must agree to remain in the State for a period of not less than 3 years; and (5) makes changes concerning the allocation of the credit awards. Effective immediately.

INC TX-ANGEL CREDIT

Rep. Carol Sente [D]

Sen. Elgie Sims [D]

Rep. Emanuel Welch [D]

Rep. Margo McDermed [R]

Date	Chamber	Action
2019-01-08	House	Session Sine Die
2017-03-31	House	Rule 19(a) / Re-referred to Rules Committee
2017-03-09	House	To Growth, Reform & Fairness Subcommittee
2017-02-22	House	Assigned to Revenue & Finance Committee
2017-02-16	House	Added Co-Sponsor Rep. Margo McDermed
2017-02-09	House	Referred to Rules Committee
2017-02-09	House	First Reading
2017-02-09	House	Added Chief Co-Sponsor Rep. Emanuel Chris Welch
2017-02-09	House	Added Chief Co-Sponsor Rep. Elgie R. Sims, Jr.
2017-02-09	House	Filed with the Clerk by Rep. Carol Sente

Chapter	Article	Section	Citation Type	Statute Text
35	5	220	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2946&GAID=14&DocTypeID=HB&SessionID=91&GA=100
Text	https://www.ilga.gov/legislation/100/HB/10000HB2946.htm