Illinois 97th Regular Session Status: In Committee

SB 11 — INC TX-ANGEL CREDIT

Last action — Session Sine Die

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 97th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

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.

Bill Text

Action History

  1. Session Sine Die

  2. Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments

  3. Rule 3-9(a) / Re-referred to Assignments

  4. Postponed - Executive

  5. Senate Committee Amendment No. 1 Postponed - Executive

  6. Postponed - Executive

  7. Senate Committee Amendment No. 1 Postponed - Executive

  8. Postponed - Executive

  9. Senate Committee Amendment No. 1 Postponed - Executive

  10. Senate Committee Amendment No. 1 Assignments Refers to Executive

  11. Senate Committee Amendment No. 1 Referred to Assignments

  12. Senate Committee Amendment No. 1 Filed with Secretary by Sen. Dan Kotowski

  13. Assigned to Executive

  14. Referred to Assignments

  15. First Reading

  16. Filed with Secretary by Sen. Dan Kotowski

Sponsors

  • Dan Kotowski · Cosponsor

Sponsorship breakdown

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0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

  • Dan Kotowski

Not signed on (182)

182 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation finance
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Frequently asked questions

What does SB 11 do?
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.
Who sponsors SB 11?
SB 11 is sponsored by Dan Kotowski.
What is the current status of SB 11?
This bill died with 97th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 11?
Track SB 11 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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