INC TX-ANGEL INVESTMENT CREDIT Senate SponsorsSen. Dan Kotowski-Jacqueline Y. Collins-Mattie Hunter-Emil Jones, III-Kimberly A. Lightford, Deanna Demuzio, Linda Holmes, A. J. Wilhelmi, John M. Sullivan, Toi W. Hutchinson, Heather Steans, Terry Link, Ira I. Silverstein and Michael Noland House Sponsors(Rep. Susana A. Mendoza-Barbara Flynn Currie-Arthur L. Turner-William D. Burns-Karen May, Mike Fortner, Darlene J. Senger, Patricia R. Bellock, Rosemary Mulligan, Michael W. Tryon, Mark H. Beaubien, Jr., Sandy Cole and Maria Antonia Berrios) 1/12/2011SenateSession Sine Die 35 ILCS 5/101from Ch. 120, par. 1-101Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning the short title.Senate Committee Amendment No. 1 Deletes reference to:35 ILCS 5/101Adds reference to:35 ILCS 5/219 new35 ILCS 5/220 newReplaces everything after the enacting clause. 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 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.Senate Committee Amendment No. 2 Provides that the Department of Commerce and Economic Opportunity, in consultation with the Department of Revenue, shall adopt rules to administer the angel investment credit. Provides that not more than $10,000,000 in angel investment credits may be issued per calendar year. Provides that a business may not be certified as a qualified business if it has received more than $2,000,000 (instead of $1,000,000) in qualified angel investments prior to certification. Provides that angel investment credits and early stage seed investment credits may be sold or transferred upon authorization of the Department of Commerce and Economic Opportunity and the Department of Revenue (now, early seed investment credits may be sold or transferred upon authorization of the investment fund manager). Makes other technical changes.House Committee Amendment No. 1 Deletes reference to:35 ILCS 5/21935 ILCS 5/220Adds reference to:35 ILCS 5/101from Ch. 120, par. 1-101Replaces everything after the enacting clause. Amends the Illinois Income Tax Act. Makes a technical change in a provision concerning the short title.House Floor Amendment No. 2 Deletes reference to:35 ILCS 5/101Adds reference to:20 ILCS 663/2020 ILCS 663/2535 ILCS 5/220 newReplaces everything after the enacting clause. Amends the New Markets Development Program Act. Increases the annual cap on credits from $10,000,000 to $20,000,000. Amends the Illinois Income Tax Act. Creates a credit for taxable years beginning after December 31, 2010, and ending on or before December 31, 2016 in an amount equal to 25% of the claimant's investment made directly in a qualified new business venture. Sets forth criteria for qualified new business ventures. Provides that the Department of Commerce and Economic Opportunity must certify applicants for the credit and must register qualified new business ventures. Provides that the maximum amount of an applicant's investment that may be used as the basis for a credit under this Section is $2,000,000 for each investment made directly in a qualified new business venture. Requires the Department of Commerce and Economic Opportunity to report annually to the Governor and to the General Assembly on the tax credit certificates awarded under this Section for the prior calendar year. Some provisions effective July 1, 2010; other provisions effective January 1, 2011. 2/11/2010SenateFiled with Secretary by Sen. Dan Kotowski 2/11/2010SenateFirst Reading 2/11/2010SenateReferred to Assignments 2/24/2010SenateAssigned to Commerce 2/25/2010SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Dan Kotowski 2/25/2010SenateSenate Committee Amendment No. 1 Referred to Assignments 3/1/2010SenateSenate Committee Amendment No. 2 Filed with Secretary by Sen. Dan Kotowski 3/1/2010SenateSenate Committee Amendment No. 2 Referred to Assignments 3/2/2010SenateSenate Committee Amendment No. 1 Assignments Refers to Commerce 3/2/2010SenateSenate Committee Amendment No. 2 Assignments Refers to Commerce 3/3/2010SenateSenate Committee Amendment No. 1 Adopted 3/3/2010SenateSenate Committee Amendment No. 2 Adopted 3/4/2010SenateDo Pass as Amended Commerce; 009-000-000 3/4/2010SenatePlaced on Calendar Order of 2nd Reading March 9, 2010 3/10/2010SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins 3/10/2010SenateSecond Reading 3/10/2010SenatePlaced on Calendar Order of 3rd Reading March 11, 2010 3/15/2010SenateAdded as Chief Co-Sponsor Sen. Mattie Hunter 3/15/2010SenateAdded as Chief Co-Sponsor Sen. Emil Jones, III 3/15/2010SenateAdded as Chief Co-Sponsor Sen. Kimberly A. Lightford 3/15/2010SenateAdded as Co-Sponsor Sen. Deanna Demuzio 3/15/2010SenateAdded as Co-Sponsor Sen. Linda Holmes 3/15/2010SenateAdded as Co-Sponsor Sen. A. J. Wilhelmi 3/15/2010SenateAdded as Co-Sponsor Sen. John M. Sullivan 3/15/2010SenateAdded as Co-Sponsor Sen. Toi W. Hutchinson 3/15/2010SenateAdded as Co-Sponsor Sen. Heather Steans 3/15/2010SenateAdded as Co-Sponsor Sen. Terry Link 3/15/2010SenateAdded as Co-Sponsor Sen. Ira I. Silverstein 3/15/2010SenateThird Reading - Passed; 046-000-000 3/15/2010HouseArrived in House 3/15/2010HouseChief House Sponsor Rep. Barbara Flynn Currie 3/15/2010HousePlaced on Calendar Order of First Reading 3/16/2010HouseFirst Reading 3/16/2010HouseReferred to Rules Committee 4/22/2010HouseCommittee Deadline Extended-Rule 9(b) April 30, 2010 4/22/2010HouseAssigned to Revenue & Finance Committee 4/28/2010HouseHouse Committee Amendment No. 1 Filed with Clerk by Revenue & Finance Committee 4/28/2010HouseHouse Committee Amendment No. 1 Adopted in Revenue & Finance Committee; by Voice Vote 4/28/2010HouseDo Pass as Amended / Short Debate Revenue & Finance Committee; 008-005-000 4/28/2010HousePlaced on Calendar 2nd Reading - Short Debate 5/4/2010HouseSecond Reading - Short Debate 5/4/2010HouseHeld on Calendar Order of Second Reading - Short Debate 5/7/2010HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Barbara Flynn Currie 5/7/2010HouseHouse Floor Amendment No. 2 Referred to Rules Committee 5/7/2010HouseHouse Floor Amendment No. 2 Rules Refers to Revenue & Finance Committee 5/7/2010HouseFinal Action Deadline Extended-9(b) May 28, 2010 5/25/2010HouseHouse Floor Amendment No. 2 Recommends Be Adopted Revenue & Finance Committee; 008-001-000 5/26/2010HouseHouse Committee Amendment No. 1 Fiscal Note Requested as Amended by Rep. Brandon W. Phelps 5/26/2010HouseHouse Committee Amendment No. 1 State Mandates Fiscal Note Requested as Amended by Rep. Brandon W. Phelps 5/26/2010HouseHouse Committee Amendment No. 1 Balanced Budget Note Requested as Amended by Rep. Brandon W. Phelps 5/26/2010HouseHouse Committee Amendment No. 1 Correctional Note Requested as Amended by Rep. Brandon W. Phelps 5/26/2010HouseHouse Committee Amendment No. 1 Home Rule Note Requested as Amended by Rep. Brandon W. Phelps 5/26/2010HouseHouse Committee Amendment No. 1 Housing Affordability Impact Note Requested as Amended by Rep. John E. Bradley 5/26/2010HouseHouse Committee Amendment No. 1 Judicial Note Requested as Amended by Rep. John E. Bradley 5/26/2010HouseHouse Committee Amendment No. 1 Land Conveyance Appraisal Note Requested as Amended by Rep. John E. Bradley 5/26/2010HouseHouse Committee Amendment No. 1 Pension Note Requested as Amended by Rep. John E. Bradley 5/26/2010HouseHouse Committee Amendment No. 1 State Debt Impact Note Requested as Amended by Rep. John E. Bradley 5/26/2010HouseHouse Floor Amendment No. 2 Adopted by Voice Vote 5/26/2010HouseHeld on Calendar Order of Second Reading - Short Debate 5/26/2010HouseAdded Alternate Chief Co-Sponsor Rep. Barbara Flynn Currie 5/26/2010HouseAdded Alternate Chief Co-Sponsor Rep. Arthur L. Turner 5/26/2010HouseAdded Alternate Chief Co-Sponsor Rep. William D. Burns 5/26/2010HouseAdded Alternate Chief Co-Sponsor Rep. Karen May 5/26/2010HouseAdded Alternate Co-Sponsor Rep. Mike Fortner 5/26/2010HouseAdded Alternate Co-Sponsor Rep. Darlene J. Senger 5/26/2010HouseAdded Alternate Co-Sponsor Rep. Patricia R. Bellock 5/26/2010HouseAdded Alternate Co-Sponsor Rep. Rosemary Mulligan 5/26/2010HouseAdded Alternate Co-Sponsor Rep. Michael W. Tryon 5/26/2010HouseAdded Alternate Co-Sponsor Rep. Mark H. Beaubien, Jr. 5/26/2010HouseAdded Alternate Co-Sponsor Rep. Sandy Cole 5/26/2010HouseAdded Alternate Co-Sponsor Rep. Maria Antonia Berrios 5/26/2010HouseNote / Motion Filed - Note Act Does Not Apply Rep. Barbara Flynn Currie; Fiscal Note 5/26/2010HouseMotion Prevailed 091-020-002 5/26/2010HouseFiscal Note Request is Inapplicable 5/26/2010HouseNote / Motion Filed - Note Act Does Not Apply Rep. Barbara Flynn Currie; State Mandates Fiscal Note 5/26/2010HouseMotion Prevailed 088-022-001 5/26/2010HouseState Mandates Fiscal Note Request is Inapplicable 5/26/2010HouseNote / Motion Filed - Note Act Does Not Apply Rep. Barbara Flynn Currie; Balanced Budget Note 5/26/2010HouseMotion Prevailed 082-026-001 5/26/2010HouseBalanced Budget Note Request is Inapplicable 5/26/2010HouseAlternate Chief Sponsor Changed to Rep. Susana A. Mendoza 5/26/2010HouseHouse Committee Amendment No. 1 Correctional Note Requested as Amended - Withdrawn by Rep. Brandon W. Phelps 5/26/2010HouseHouse Committee Amendment No. 1 Home Rule Note Requested as Amended - Withdrawn by Rep. Brandon W. Phelps 5/26/2010HouseHouse Committee Amendment No. 1 Housing Affordability Impact Note Requested as Amended - Withdrawn by Rep. John E. Bradley 5/26/2010HouseHouse Committee Amendment No. 1 Judicial Note Requested as Amended - Withdrawn by Rep. John E. Bradley 5/26/2010HouseHouse Committee Amendment No. 1 Land Conveyance Appraisal Note Requested as Amended - Withdrawn by Rep. John E. Bradley 5/26/2010HouseHouse Committee Amendment No. 1 Pension Note Requested as Amended - Withdrawn by Rep. John E. Bradley 5/26/2010HouseHouse Committee Amendment No. 1 State Debt Impact Note Requested as Amended - Withdrawn by Rep. John E. Bradley 5/26/2010HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/26/2010HouseThird Reading - Short Debate - Passed 112-000-000 5/26/2010HouseMotion Filed to Reconsider Vote Rep. John E. Bradley 5/26/2010SenateAdded as Co-Sponsor Sen. Michael Noland 5/27/2010HouseMotion to Reconsider Vote - Withdrawn Rep. John E. Bradley 5/27/2010SenateSecretary's Desk - Concurrence House Amendment(s) 1, 2 5/27/2010SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1, 2 - May 27, 2010 5/27/2010SenateHouse Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Dan Kotowski 5/27/2010SenateHouse Committee Amendment No. 1 Motion to Concur Referred to Assignments 5/27/2010SenateHouse Floor Amendment No. 2 Motion to Concur Filed with Secretary Sen. Dan Kotowski 5/27/2010SenateHouse Floor Amendment No. 2 Motion to Concur Referred to Assignments 6/27/2010SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments 1/12/2011SenateSession Sine Die