Bill Text: IL SB0011 | 2011-2012 | 97th General Assembly | Amended
Bill Title: 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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2013-01-08 - Session Sine Die [SB0011 Detail]
Download: Illinois-2011-SB0011-Amended.html
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| 1 | AMENDMENT TO SENATE BILL 11
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| 2 | AMENDMENT NO. ______. Amend Senate Bill 11 by replacing | ||||||
| 3 | everything after the enacting clause with the following:
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| 4 | "Section 5. The Illinois Income Tax Act is amended by | ||||||
| 5 | changing Section 101 as follows:
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| 6 | (35 ILCS 5/101) (from Ch. 120, par. 1-101)
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| 7 | Sec. 101. Short
Title. This Act shall be known and
and may | ||||||
| 8 | be cited as the "Illinois Income Tax Act." | ||||||
| 9 | (Source: P.A. 76-261.)".
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