Illinois General Assembly - Bill Status for SB0011

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Bill Status of SB0011 97th General Assembly

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Short Description: INC TX-ANGEL CREDIT

Senate Sponsors
Sen. Dan Kotowski

Last Action

Date	Chamber	Action
1/8/2013	Senate	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/221 new

35 ILCS 5/222 new

Synopsis As Introduced
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.

Actions

Date	Chamber	Action
1/27/2011	Senate	Filed with Secretary by Sen. Dan Kotowski
1/27/2011	Senate	First Reading
1/27/2011	Senate	Referred to Assignments
2/9/2011	Senate	Assigned to Executive
2/10/2011	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Dan Kotowski
2/10/2011	Senate	Senate Committee Amendment No. 1 Referred to Assignments
2/15/2011	Senate	Senate Committee Amendment No. 1 Assignments Refers to Executive
3/3/2011	Senate	Senate Committee Amendment No. 1 Postponed - Executive
3/3/2011	Senate	Postponed - Executive
3/10/2011	Senate	Senate Committee Amendment No. 1 Postponed - Executive
3/10/2011	Senate	Postponed - Executive
3/17/2011	Senate	Senate Committee Amendment No. 1 Postponed - Executive
3/17/2011	Senate	Postponed - Executive
3/18/2011	Senate	Rule 3-9(a) / Re-referred to Assignments
3/18/2011	Senate	Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments
1/8/2013	Senate	Session Sine Die

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