Illinois 102nd Regular Session Status: In Committee Bipartisan · 1 D · 1 R cosponsors

HB 445 — INCOME TAX-ANGEL CREDIT

Last action — Session Sine Die

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

This bill died with 102nd 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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. In a Section concerning the angel investment credit, provides that: (1) the Department of Commerce and Economic Opportunity may charge an application fee of $500; (2) increases the maximum credit amount that may be awarded from $10,000,000 to $20,000,000; (3) of the maximum credit amount that may be awarded, $10,000,000 shall be reserved for priority industries; (4) the term "priority industry" means an industry determined by the Department to have high potential for growth; (5) a person may be considered a "related member" if the person has at least a 33% ownership interest in the qualified new business venture (currently, 50%); (6) an investment that is part of a refinancing of a prior investment in a qualified new business venture is not eligible for the credit; and (7) if the investment is made in a disenfranchised community business, the amount of the credit shall be equal to 40% (currently, 25%) of the claimant's investment. Defines terms.

Bill Text

Action History

  1. Session Sine Die

  2. Rule 19(a) / Re-referred to Rules Committee

  3. To Income Tax Subcommittee

  4. Assigned to Revenue & Finance Committee

  5. Added Co-Sponsor Rep. Tony McCombie

  6. Referred to Rules Committee

  7. First Reading

  8. Filed with the Clerk by Rep. Mark L. Walker

Sponsors

Sponsorship breakdown

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1 sponsors · 1 co-sponsors · 181 not signed on

Sponsors (1)

Co-sponsors (1)

Not signed on (181)

181 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.

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Subjects

taxation
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Frequently asked questions

What does HB 445 do?
Amends the Illinois Income Tax Act. In a Section concerning the angel investment credit, provides that: (1) the Department of Commerce and Economic Opportunity may charge an application fee of $500; (2) increases the maximum credit amount that may be awarded from $10,000,000 to $20,000,000; (3) of the maximum credit amount that may be awarded, $10,000,000 shall be reserved for priority industries; (4) the term "priority industry" means an industry determined by the Department to have high potential for growth; (5) a person may be considered a "related member" if the person has at least a 33% ownership interest in the qualified new business venture (currently, 50%); (6) an investment that is part of a refinancing of a prior investment in a qualified new business venture is not eligible for the credit; and (7) if the investment is made in a disenfranchised community business, the amount of the credit shall be equal to 40% (currently, 25%) of the claimant's investment. Defines terms.
Who sponsors HB 445?
HB 445 is sponsored by Mark L. Walker (Democrat) and Tony M. McCombie (Republican).
What is the current status of HB 445?
This bill died with 102nd 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 HB 445?
Track HB 445 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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