Illinois 100th Regular Session Status: Enacted 2 D cosponsors

SB 2012 — INC TX-ANGEL CREDIT

Last action — Public Act . . . . . . . . . 100-0328

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

This bill has been enacted into law. Introduced February 10, 2017. Enacted.

Prognosis

Likely to advance 82% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 21 sponsors

    0 primary, 21 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (2 D).

  • Cleared a recorded vote

    Passed 2 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Amends the Illinois Income Tax Act. Makes the following changes with respect to the angel investment credit: (1) provides that the credit applies for taxable years ending on or before December 31, 2021 (currently, December 31, 2016); (2) increases the maximum aggregate amount of the angel investment credit from $10,000,000 to $20,000,000; (3) defines "investment" as equity, Simple Agreement for Future Equity (SAFE) Agreements, and convertible notes; (4) provides that each qualified new business venture must renew its registration on an annual basis; (5) provides that, for taxable years ending on or after December 31, 2017, applicants for the credit must make a minimum investment of $10,000 in a qualified new business venture (currently, there is no minimum investment requirement); (6) provides that the maximum amount of an applicant's total investment made directly in any single qualified new business venture that may be used as the basis for a credit under this Section is $2,000,000 (currently, that is the maximum for each investment made in a qualified new business venture); (7) contains recapture provisions; and (8) contains provisions concerning investments in minority-owned businesses, female-owned businesses, or businesses owned by a person with a disability. Effective immediately.

Bill Text

What changed in the latest version

12 added · 12 removed

Plain-language change summary

The latest version of SB 2012 has switched from "Engrossed" to "Enrolled," indicating that it has passed through all necessary legislative stages and is ready for final approval. This change usually means that any last-minute revisions have been made, ensuring the bill is prepared for signing into law. It’s essential that the final version reflects the input and concerns raised during the legislative process, as it will impact how the law is implemented once approved.

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Previous
Latest
SB2012 Engrossed LRB100 09567 HLH 19734 b AN ACT concerning revenue.
SB2012 Enrolled LRB100 09567 HLH 19734 b AN ACT concerning revenue.
The Department may adopt rules to permit SB2012 Engrossed - 2 - LRB100 09567 HLH 19734 b certain forms of contingent equity investments to be considered eligible for a tax credit under this Section.
The Department may adopt rules to permit SB2012 Enrolled - 2 - LRB100 09567 HLH 19734 b certain forms of contingent equity investments to be considered eligible for a tax credit under this Section.
SB2012 Engrossed - 3 - LRB100 09567 HLH 19734 b (4) A corporation and any party related to that corporation in a manner that would require an attribution of stock from the corporation to the party or from the party to the corporation under the attribution rules of Section 318 of the Internal Revenue Code, if the corporation and all such related parties own, in the aggregate, at least 50% of the profits, capital, stock, or other ownership interest in the applicant.
SB2012 Enrolled - 3 - LRB100 09567 HLH 19734 b (4) A corporation and any party related to that corporation in a manner that would require an attribution of stock from the corporation to the party or from the party to the corporation under the attribution rules of Section 318 of the Internal Revenue Code, if the corporation and all such related parties own, in the aggregate, at least 50% of the profits, capital, stock, or other ownership interest in the applicant.
In order for an investment in a qualified new business venture to be eligible for tax credits, the business must have applied for and received certification under subsection (e) for the taxable year in which the investment was made prior to the date on which the investment SB2012 Engrossed - 4 - LRB100 09567 HLH 19734 b was made.
In order for an investment in a qualified new business venture to be eligible for tax credits, the business must have applied for and received certification under subsection (e) for the taxable year in which the investment was made prior to the date on which the investment SB2012 Enrolled - 4 - LRB100 09567 HLH 19734 b was made.
(i) each SB2012 Engrossed - 5 - LRB100 09567 HLH 19734 b qualified new business venture that receives an angel investment under this Section has maintained a minimum employment threshold, as defined by rule, in the State (and continues to maintain a minimum employment threshold in the State for a period of no less than 3 years from the issue date of the last tax credit certificate issued by the Department with respect to such business pursuant to this Section);
(i) each SB2012 Enrolled - 5 - LRB100 09567 HLH 19734 b qualified new business venture that receives an angel investment under this Section has maintained a minimum employment threshold, as defined by rule, in the State (and continues to maintain a minimum employment threshold in the State for a period of no less than 3 years from the issue date of the last tax credit certificate issued by the Department with respect to such business pursuant to this Section);
If the Department determines that a qualified new business venture failed to maintain a minimum employment threshold in the State through the date which is 3 years from the issue date of the last tax credit certificate issued by the Department with respect to the subject business pursuant to this Section, the claimant or claimants shall pay to the Department of SB2012 Engrossed - 6 - LRB100 09567 HLH 19734 b Revenue, in the manner prescribed by the Department of Revenue, the aggregate amount of the disqualified credits that claimant or claimants received related to investments in that business.
If the Department determines that a qualified new business venture failed to maintain a minimum employment threshold in the State through the date which is 3 years from the issue date of the last tax credit certificate issued by the Department with respect to the subject business pursuant to this Section, the claimant or claimants shall pay to the Department of SB2012 Enrolled - 6 - LRB100 09567 HLH 19734 b Revenue, in the manner prescribed by the Department of Revenue, the aggregate amount of the disqualified credits that claimant or claimants received related to investments in that business.
(1) it has its principal place of business headquarters SB2012 Engrossed - 7 - LRB100 09567 HLH 19734 b in this State;
(1) it has its principal place of business headquarters SB2012 Enrolled - 7 - LRB100 09567 HLH 19734 b in this State;
(4) it is not principally engaged in real estate development, insurance, banking, lending, lobbying, SB2012 Engrossed - 8 - LRB100 09567 HLH 19734 b political consulting, professional services provided by attorneys, accountants, business consultants, physicians, or health care consultants, wholesale or retail trade, leisure, hospitality, transportation, or construction, except construction of power production plants that derive energy from a renewable energy resource, as defined in Section 1 of the Illinois Power Agency Act;
(4) it is not principally engaged in real estate development, insurance, banking, lending, lobbying, SB2012 Enrolled - 8 - LRB100 09567 HLH 19734 b political consulting, professional services provided by attorneys, accountants, business consultants, physicians, or health care consultants, wholesale or retail trade, leisure, hospitality, transportation, or construction, except construction of power production plants that derive energy from a renewable energy resource, as defined in Section 1 of the Illinois Power Agency Act;
The SB2012 Engrossed - 9 - LRB100 09567 HLH 19734 b aggregate amount of the tax credits that may be claimed under this Section for investments made in qualified new business ventures shall be limited at $10,000,000 per calendar year, of which $500,000 shall be reserved for investments made in qualified new business ventures which are "minority owned businesses", "female owned businesses", or "businesses owned by a person with a disability" (as those terms are used and defined in the Business Enterprise for Minorities, Females, and Persons with Disabilities Act), and an additional $500,000 shall be reserved for investments made in qualified new business ventures with their principal place of business in counties with a population of not more than 250,000.
The SB2012 Enrolled - 9 - LRB100 09567 HLH 19734 b aggregate amount of the tax credits that may be claimed under this Section for investments made in qualified new business ventures shall be limited at $10,000,000 per calendar year, of which $500,000 shall be reserved for investments made in qualified new business ventures which are "minority owned businesses", "female owned businesses", or "businesses owned by a person with a disability" (as those terms are used and defined in the Business Enterprise for Minorities, Females, and Persons with Disabilities Act), and an additional $500,000 shall be reserved for investments made in qualified new business ventures with their principal place of business in counties with a population of not more than 250,000.
(h) On or before March 1 of each year, the Department shall report to the Governor and to the General Assembly on the tax SB2012 Engrossed - 10 - LRB100 09567 HLH 19734 b credit certificates awarded under this Section for the prior calendar year.
(h) On or before March 1 of each year, the Department shall report to the Governor and to the General Assembly on the tax SB2012 Enrolled - 10 - LRB100 09567 HLH 19734 b credit certificates awarded under this Section for the prior calendar year.
(B) the total number of applications from businesses seeking registration under this Section, SB2012 Engrossed - 11 - LRB100 09567 HLH 19734 b the total number of new qualified business ventures registered by the Department, and the aggregate amount of investment upon which tax credit certificates were issued in the prior calendar year the total number of applications and amount for which tax credit certificates were issued in the prior calendar year;
(B) the total number of applications from businesses seeking registration under this Section, SB2012 Enrolled - 11 - LRB100 09567 HLH 19734 b the total number of new qualified business ventures registered by the Department, and the aggregate amount of investment upon which tax credit certificates were issued in the prior calendar year the total number of applications and amount for which tax credit certificates were issued in the prior calendar year;
Each business registered by the Department as a qualified new business venture that receives an investment giving rise to the issuance of a tax credit certificate pursuant to this Section shall, for each of the 3 years following the issue date of the last tax credit certificate SB2012 Engrossed - 12 - LRB100 09567 HLH 19734 b issued by the Department with respect to such business pursuant to this Section, report to the Department the following:
Each business registered by the Department as a qualified new business venture that receives an investment giving rise to the issuance of a tax credit certificate pursuant to this Section shall, for each of the 3 years following the issue date of the last tax credit certificate SB2012 Enrolled - 12 - LRB100 09567 HLH 19734 b issued by the Department with respect to such business pursuant to this Section, report to the Department the following:
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Action History

  1. Public Act . . . . . . . . . 100-0328

  2. Effective Date January 1, 2018

  3. Governor Approved

  4. Sent to the Governor

  5. Added Alternate Co-Sponsor Rep. La Shawn K. Ford

  6. Added Alternate Co-Sponsor Rep. Marcus C. Evans, Jr.

  7. Added Alternate Co-Sponsor Rep. Sam Yingling

  8. Added Alternate Co-Sponsor Rep. Kathleen Willis

  9. Added Alternate Co-Sponsor Rep. Daniel V. Beiser

  10. Added Alternate Co-Sponsor Rep. Brandon W. Phelps

  11. Added Alternate Co-Sponsor Rep. Lawrence Walsh, Jr.

  12. Added Alternate Co-Sponsor Rep. Patricia R. Bellock

  13. Passed Both Houses

  14. Added Alternate Co-Sponsor Rep. Linda Chapa LaVia

  15. Added Alternate Co-Sponsor Rep. David S. Olsen

  16. Added Alternate Co-Sponsor Rep. Mike Fortner

  17. Added Alternate Co-Sponsor Rep. Elizabeth Hernandez

  18. Third Reading - Short Debate - Passed 113-000-000

  19. Final Action Deadline Extended-9(b) May 31, 2017

  20. Added Alternate Chief Co-Sponsor Rep. Jaime M. Andrade, Jr.

  21. Added Alternate Co-Sponsor Rep. Michael P. McAuliffe

  22. Added Alternate Co-Sponsor Rep. Avery Bourne

  23. Added Alternate Co-Sponsor Rep. Randy E. Frese

  24. Added Alternate Co-Sponsor Rep. Jerry Costello, II

  25. Added Alternate Co-Sponsor Rep. Tim Butler

  26. Added Alternate Co-Sponsor Rep. Keith R. Wheeler

  27. Added Alternate Co-Sponsor Rep. Anthony DeLuca

  28. Added Alternate Co-Sponsor Rep. Emanuel Chris Welch

  29. Placed on Calendar Order of 3rd Reading - Short Debate

  30. Second Reading - Short Debate

  31. Added Alternate Chief Co-Sponsor Rep. Brian W. Stewart

  32. Added Alternate Chief Co-Sponsor Rep. Grant Wehrli

  33. Placed on Calendar 2nd Reading - Short Debate

  34. Do Pass / Short Debate Revenue & Finance Committee; 011-000-000

  35. Committee Deadline Extended-Rule 9(b) May 26, 2017

  36. Added Alternate Chief Co-Sponsor Rep. Elgie R. Sims, Jr.

  37. Assigned to Revenue & Finance Committee

  38. Referred to Rules Committee

  39. First Reading

  40. Chief House Sponsor Rep. Carol Sente

  41. Arrived in House

  42. Third Reading - Passed; 050-000-000

  43. Rule 2-10 Third Reading Deadline Established As May 31, 2017

  44. Placed on Calendar Order of 3rd Reading May 5, 2017

  45. Second Reading

  46. Placed on Calendar Order of 2nd Reading

  47. Do Pass as Amended Revenue; 009-000-000

  48. Senate Committee Amendment No. 1 Adopted

  49. Senate Committee Amendment No. 1 Assignments Refers to Revenue

  50. Senate Committee Amendment No. 1 Referred to Assignments

  51. Senate Committee Amendment No. 1 Filed with Secretary by Sen. Chuck Weaver

  52. Rule 2-10 Committee Deadline Established As May 5, 2017

  53. Postponed - Revenue

  54. Rule 2-10 Committee Deadline Established As April 7, 2017

  55. Postponed - Revenue

  56. Postponed - Revenue

  57. Assigned to Revenue

  58. Referred to Assignments

  59. First Reading

  60. Filed with Secretary by Sen. Chuck Weaver

Sponsors

  • Lisa Hernandez · Cosponsor
  • Chuck Weaver · Cosponsor
  • Emanuel Chris Welch · Cosponsor
  • Anthony DeLuca · Cosponsor
  • Keith R. Wheeler · Cosponsor
  • Tim Butler · Cosponsor
  • II Jerry Costello · Cosponsor
  • Randy E. Frese · Cosponsor
  • Avery Bourne · Cosponsor
  • Michael P. McAuliffe · Cosponsor
  • Mike Fortner · Cosponsor
  • David S. Olsen · Cosponsor
  • Patricia R. Bellock · Cosponsor
  • Jr. Lawrence Walsh · Cosponsor
  • Brandon W. Phelps · Cosponsor
  • Daniel V. Beiser · Cosponsor
  • Kathleen Willis · Cosponsor
  • Sam Yingling · Cosponsor
  • Jr. Marcus C. Evans · Cosponsor
  • La Shawn K. Ford · Cosponsor
  • Chapa LaVia · Cosponsor

Sponsorship breakdown

Export CSV (upgrade) →

0 sponsors · 21 co-sponsors · 162 not signed on

Sponsors (0)

None.

Co-sponsors (21)

  • Hernandez, Lisa
  • Chuck Weaver
  • Emanuel Chris Welch
  • Anthony DeLuca Democrat
  • Keith R. Wheeler
  • Tim Butler
  • Jerry Costello, II
  • Randy E. Frese
  • Avery Bourne
  • Michael P. McAuliffe
  • Mike Fortner
  • David S. Olsen
  • Patricia R. Bellock
  • Lawrence Walsh, Jr.
  • Brandon W. Phelps
  • Daniel V. Beiser
  • Kathleen Willis
  • Sam Yingling
  • Marcus C. Evans, Jr. Democrat
  • La Shawn K. Ford
  • Chapa LaVia

Not signed on (162)

162 members have not signed on to this bill.

Show all 162 →

"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

Votes

Third Reading

Passed 113 Yea · 0 Nay · 5 Other
Party YeaNayPresentNot Voting
Unaffiliated 70004
Republican 12000
Democrat 31001
Total 113005
% of votes cast 96%0%0%4%
How each member voted (118)
Member Party Vote
Batinick — Yea
Beiser — Yea
Bellock — Yea
Bourne — Yea
Breen — Yea
Butler — Yea
McAuliffe — Yea
Drury — Yea
Fortner — Yea
Unes — Yea
Cavaletto — Yea
Lang — Yea
Long — Yea
Pritchard — Yea
Sente — Yea
Harris, David — Yea
Stewart — Yea
Sauer — Yea
Harris, Gregory — Yea
Bennett — Yea
Stratton — Yea
Hernandez — Yea
Brady — Yea
Tabares — Yea
Thapedi — Yea
Turner — Yea
Burke, Daniel — Yea
Burke, Kelly — Yea
Jones — Yea
Conroy — Yea
Conyears-Ervin — Yea
Costello — Yea
Currie — Yea
D'Amico — Yea
Greenwood — Yea
Hays — Yea
Hurley — Yea
Jesiel — Yea
Jimenez — Yea
McAsey — Not Voting
Davis — Yea
McDermed — Yea
McSweeney — Yea
Mitchell, Bill — Yea
Wheeler, Barbara — Yea
Mitchell, Christian — Yea
Wheeler, Keith — Yea
Williams — Yea
Olsen — Yea
Parkhurst — Yea
Wallace — Yea
Wehrli — Yea
Willis — Yea
Winger — Yea
Demmer — Yea
Durkin — Yea
Flowers — Yea
Frese — Yea
Ives — Not Voting
Zalewski — Yea
Nekritz — Yea
Phelps — Yea
Phillips — Not Voting
Reis — Yea
Riley — Yea
Skillicorn — Yea
Sommer — Yea
Soto — Yea
Welter — Yea
Yingling — Yea
Madigan — Not Voting
Andersson — Yea
Arroyo — Yea
Chapa LaVia — Yea
Anna Moeller Democrat Not Voting
Anthony DeLuca Democrat Yea
Camille Y. Lilly Democrat Yea
Carol Ammons Democrat Yea
Elgie R. Sims, Jr. Democrat Yea
Emanuel "Chris" Welch Democrat Yea
Fred Crespo Democrat Yea
Jaime M. Andrade, Jr. Democrat Yea
Jay Hoffman Democrat Yea
Jehan Gordon-Booth Democrat Yea
Julie A. Morrison Democrat Yea
Justin Slaughter Democrat Yea
Katie Stuart Democrat Yea
Kelly M. Cassidy Democrat Yea
La Shawn K. Ford Democrat Yea
Laura Fine Democrat Yea
Lawrence "Larry" Walsh, Jr. Democrat Yea
Marcus C. Evans, Jr. Democrat Yea
Martin J. Moylan Democrat Yea
Michael W. Halpin Democrat Yea
Michelle Mussman Democrat Yea
Natalie A. Manley Democrat Yea
Rita Mayfield Democrat Yea
Robert "Bob" Rita Democrat Yea
Robert F. Martwick Democrat Yea
Robyn Gabel Democrat Yea
Sara Feigenholtz Democrat Yea
Sonya M. Harper Democrat Yea
Stephanie A. Kifowit Democrat Yea
Sue Scherer Democrat Yea
Theresa Mah Democrat Yea
Will Guzzardi Democrat Yea
Brad Halbrook Republican Yea
Charles Meier Republican Yea
Christopher "C.D." Davidsmeyer Republican Yea
Dan Swanson Republican Yea
Dave Severin Republican Yea
Joe C. Sosnowski Republican Yea
John M. Cabello Republican Yea
Norine K. Hammond Republican Yea
Ryan Spain Republican Yea
Steven Reick Republican Yea
Terri Bryant Republican Yea
Tony M. McCombie Republican Yea

Official roll call →

Third Reading

Passed 50 Yea · 0 Nay · 9 Other
Party YeaNayPresentNot Voting
Unaffiliated 31006
Democrat 11003
Republican 8000
Total 50009
% of votes cast 85%0%0%15%
How each member voted (59)
Member Party Vote
Bertino-Tarrant — Yea
Biss — Yea
Bivins — Yea
Mulroe — Yea
McGuire — Not Voting
Link — Yea
Manar — Yea
McCann — Yea
McCarter — Yea
McConnaughay — Yea
Muñoz — Yea
Oberweis — Yea
Rooney — Yea
Bennett — Yea
Steans — Yea
Brady — Yea
Cullerton — Yea
Cullerton, T. — Yea
Harris — Not Voting
Bush — Yea
Clayborne — Yea
Connelly — Yea
Haine — Not Voting
Hutchinson — Yea
Silverstein — Not Voting
Trotter — Not Voting
Nybo — Not Voting
Radogno — Yea
Raoul — Yea
Righter — Yea
Sandoval — Yea
Schimpf — Yea
Landek — Yea
Althoff — Yea
Martinez — Yea
Barickman — Yea
Van Pelt — Yea
Bill Cunningham Democrat Yea
Cristina Castro Democrat Yea
David Koehler Democrat Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Not Voting
Julie A. Morrison Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Not Voting
Laura M. Murphy Democrat Yea
Linda Holmes Democrat Yea
Mattie Hunter Democrat Yea
Michael E. Hastings Democrat Yea
Omar Aquino Democrat Not Voting
Steve Stadelman Democrat Yea
Chapin Rose Republican Yea
Dale Fowler Republican Yea
Dan McConchie Republican Yea
Dave Syverson Republican Yea
Jil Tracy Republican Yea
Neil Anderson Republican Yea
Sue Rezin Republican Yea
Travis Weaver Republican Yea

Official roll call →

Subjects

taxation civil-rights labor
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 2012 do?
Amends the Illinois Income Tax Act. Makes the following changes with respect to the angel investment credit: (1) provides that the credit applies for taxable years ending on or before December 31, 2021 (currently, December 31, 2016); (2) increases the maximum aggregate amount of the angel investment credit from $10,000,000 to $20,000,000; (3) defines "investment" as equity, Simple Agreement for Future Equity (SAFE) Agreements, and convertible notes; (4) provides that each qualified new business venture must renew its registration on an annual basis; (5) provides that, for taxable years ending on or after December 31, 2017, applicants for the credit must make a minimum investment of $10,000 in a qualified new business venture (currently, there is no minimum investment requirement); (6) provides that the maximum amount of an applicant's total investment made directly in any single qualified new business venture that may be used as the basis for a credit under this Section is $2,000,000 (currently, that is the maximum for each investment made in a qualified new business venture); (7) contains recapture provisions; and (8) contains provisions concerning investments in minority-owned businesses, female-owned businesses, or businesses owned by a person with a disability. Effective immediately.
Who sponsors SB 2012?
SB 2012 is sponsored by Hernandez, Lisa, Chuck Weaver, Emanuel Chris Welch, Anthony DeLuca (Democrat), Keith R. Wheeler, Tim Butler, Jerry Costello, II, Randy E. Frese, Avery Bourne, Michael P. McAuliffe, Mike Fortner, David S. Olsen, Patricia R. Bellock, Lawrence Walsh, Jr., Brandon W. Phelps, Daniel V. Beiser, Kathleen Willis, Sam Yingling, Marcus C. Evans, Jr. (Democrat), La Shawn K. Ford, and Chapa LaVia.
What is the current status of SB 2012?
This bill has been enacted into law. Introduced February 10, 2017. Enacted.
Where can I track SB 2012?
Track SB 2012 free on One Click Politics — get push/email alerts when it moves.

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