Illinois Senate Bill 11 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Amended) [HTML]

Amends the Illinois Income Tax Act. Creates income tax credits for amounts invested by a taxpayer in a qualified new business venture, including investments made through an investment fund manager. Provides that the credit shall be equal to 25% of the amount invested. Provides that the credits may be carried forward for a period of 5 years. Provides that not more than $10,000,000 in angel investment credits may be issued per calendar year. Provides that the credits are exempt from the Act's automatic sunset provisions. Provides that the Department of Commerce and Economic Opportunity shall certify the qualified business ventures and investment fund managers. Sets forth certain criteria for the certification of the business venture. Effective immediately.

INC TX-ANGEL CREDIT

Sen. Dan Kotowski [D]

Date	Chamber	Action
2013-01-08	Senate	Session Sine Die
2011-03-18	Senate	Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments
2011-03-18	Senate	Rule 3-9(a) / Re-referred to Assignments
2011-03-17	Senate	Postponed - Executive
2011-03-17	Senate	Senate Committee Amendment No. 1 Postponed - Executive
2011-03-10	Senate	Postponed - Executive
2011-03-10	Senate	Senate Committee Amendment No. 1 Postponed - Executive
2011-03-03	Senate	Postponed - Executive
2011-03-03	Senate	Senate Committee Amendment No. 1 Postponed - Executive
2011-02-15	Senate	Senate Committee Amendment No. 1 Assignments Refers to Executive
2011-02-10	Senate	Senate Committee Amendment No. 1 Referred to Assignments
2011-02-10	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Dan Kotowski
2011-02-09	Senate	Assigned to Executive
2011-01-27	Senate	Referred to Assignments
2011-01-27	Senate	First Reading
2011-01-27	Senate	Filed with Secretary by Sen. Dan Kotowski

Chapter	Article	Section	Citation Type	Statute Text
35	5	221	New Code	See Bill Text
35	5	222	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=11&GAID=11&DocTypeID=SB&SessionID=84&GA=97
Text	https://www.ilga.gov/legislation/97/SB/09700SB0011.htm
Text	https://www.ilga.gov/legislation/97/SB/09700SB0011sam001.htm