Illinois Senate Bill 304

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on February 2 2023 - 25% progression
Action: 2023-03-10 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Income Tax Act. In provisions concerning the angel investment credit, provides that the amount of the credit is 35% (rather than 25%) of the claimant's investment made directly in the qualified new business venture if the investment is made in (1) a qualified new business venture that is a minority-owned business, a women-owned business, or a business owned a person with a disability or (2) a qualified new business venture in which the principal place of business is located in a county with a population of not more than 250,000. Increases the aggregate amount of angel investment credits that may be claimed in a taxable year.

INC TX-ANGEL INVESTMENT

Sen. Suzanne Glowiak Hilton [D]

Sen. Paul Faraci [D]

Date	Chamber	Action
2023-03-10	Senate	Rule 3-9(a) / Re-referred to Assignments
2023-02-08	Senate	Added as Chief Co-Sponsor Sen. Paul Faraci
2023-02-07	Senate	Assigned to Revenue
2023-02-02	Senate	Referred to Assignments
2023-02-02	Senate	First Reading
2023-02-02	Senate	Filed with Secretary by Sen. Suzy Glowiak Hilton

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=304&GAID=17&DocTypeID=SB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/SB/10300SB0304.htm