Illinois 96th Regular Session Status: Passed Senate

SB 489 — INC TX-CREDIT-VENTURE CAPITAL

Last action — Session Sine Die

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

This bill died with 96th Regular Session. It reached “Passed Senate” 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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. Makes a technical change in a Section concerning the short title.

Bill Text

What changed in the latest version

50 added · 19 removed

Plain-language change summary

The updated version of SB 489 now includes a new provision for a venture capital tax credit, which incentivizes investments in qualified venture capital funds within Illinois from 2010 to 2014. This credit is targeted at funds with a significant portion of their investments in Illinois-based companies, especially those that are minority- or female-owned, or located in specific economic zones. This change is important because it aims to stimulate local economic growth and support underrepresented businesses by encouraging more investment in them.

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*LRB09606571RCE16655b* SB0489 96TH GENERAL ASSEMBLY State of Illinois and 2010 SB0489 Introduced 2/6/2009, by Sen.
SB0489 Engrossed LRB096 06571 RCE 16655 b AN ACT concerning revenue.
John J.
Cullerton SYNOPSIS AS INTRODUCED:
ILCS 5/101 from Ch.
120, par.
1-101 Section concerning the short title.ct.
Makes a technical change in a LRB096 06571 RCE 16655 b A BILL FOR SB0489 LRB096 06571 RCE 16655 b AN ACT concerning revenue.
The Illinois Income Tax Act is amended by changing Section 101 as follows:
The Illinois Income Tax Act is amended by adding Section 219 as follows:
(35 ILCS 5/101) (from Ch.
(35 ILCS 5/219 new) Sec.
120, par.
219.
1-101) Sec.
Venture capital tax credit.
101.
(a) Beginning in taxable year 2010 and through taxable year 2014, each taxpayer who makes an investment in a qualified venture capital fund in Illinois is entitled to a credit against the tax imposed under subsections (a) and (b) of Section 201 of this Act.
Short Title.
For the purposes of this Section, a "qualified venture capital fund" is a fund (i) with its primary office in Illinois and (ii) that has at least 50% of the total number of investments in its portfolio in eligible companies based in Illinois.
This Act shall be known and and may be cited as the "Illinois Income Tax Act." (Source:
For the purposes of this Section, an eligible company is a company that meets one or more of the following criteria:
P.A.
(1) the company is located in an enterprise zone, a River Edge Redevelopment Zone, or a federally designated Foreign Trade Zone or Sub-Zone;
76-261.)
(2) the company is a minority-owned business or a female-owned business, as defined in the Business SB0489 Engrossed - 2 - LRB096 06571 RCE 16655 b Enterprise for Minorities, Females, and Persons with Disabilities Act;
(3) the company has been in existence for 4 years or less;
(4) the company is engaged in manufacturing;
or (5) the company's products, services, or operations encourage the conservation of water, energy, or both.
(b) The credit shall be in the amount of (i) 10% of the taxpayer's investment if the investment is made in an eligible company that meets one of the criteria set forth in items (1) through (5) of subsection (a) and (ii) 20% of the taxpayer's investment if the investment is made in an eligible company that meets more than one of the criteria set forth in items (1) through (5) of subsection (a).
The credit shall be taken in the taxable year in which the qualified venture capital fund makes the investment in the eligible business.
(c) A credit under this Section shall not reduce that taxpayer's income tax liability to less than zero.
If the amount of the tax credit exceeds the tax liability for the year, the excess may be carried forward and applied to the tax liability of the 5 taxable years following the excess credit year.
The credit must be applied to the earliest year for which there is a tax liability.
If there are credits from more than one tax year that are available to offset a liability, then the earlier credit must be applied first.
Section 99.
Effective date.
This Act takes effect upon SB0489 Engrossed - 3 - LRB096 06571 RCE 16655 b becoming law.
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Action History

  1. Session Sine Die

  2. Referred to Rules Committee

  3. First Reading

  4. Placed on Calendar Order of First Reading

  5. Chief House Sponsor Rep. Keith Farnham

  6. Arrived in House

  7. Third Reading - Passed; 057-000-000

  8. Added as Co-Sponsor Sen. Kirk W. Dillard

  9. Placed on Calendar Order of 3rd Reading

  10. Senate Floor Amendment No. 1 Adopted; Noland

  11. Recalled to Second Reading

  12. Added as Chief Co-Sponsor Sen. Kwame Raoul

  13. Chief Sponsor Changed to Sen. Michael Noland

  14. Senate Floor Amendment No. 1 Recommend Do Adopt Commerce; 007-002-000

  15. Senate Floor Amendment No. 1 Assignments Refers to Commerce

  16. Senate Floor Amendment No. 1 Referred to Assignments

  17. Senate Floor Amendment No. 1 Filed with Secretary by Sen. Michael Noland

  18. Placed on Calendar Order of 3rd Reading March 16, 2010

  19. Approved for Consideration Assignments

  20. Pursuant to Senate Rule 3-9(b) / Referred to Assignments

  21. Placed on Calendar Order of 3rd Reading April 28, 2009

  22. Second Reading

  23. Rule 2-10 Third Reading Deadline Established As April 30, 2009

  24. Placed on Calendar Order of 2nd Reading March 17, 2009

  25. Do Pass Executive; 012-000-000

  26. Assigned to Executive

  27. Referred to Assignments

  28. First Reading

  29. Filed with Secretary by Sen. John J. Cullerton

Sponsors

  • Michael Noland · Cosponsor

Sponsorship breakdown

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

Sponsors (0)

None.

Co-sponsors (1)

  • Michael Noland

Not signed on (182)

182 members have not signed on to this bill.

Show all 182 →

"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 57 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 47002
Democrat 9000
Republican 1000
Total 57002
% of votes cast 97%0%0%3%
How each member voted (59)
Member Party Vote
Hendon — Yea
Kotowski — Yea
Lauzen — Yea
McCarter — Yea
Millner — Yea
Muñoz — Yea
Noland — Yea
Schoenberg — Yea
Silverstein — Yea
Steans — Yea
Demuzio — Yea
Trotter — Yea
Jacobs — Yea
Viverito — Yea
Wilhelmi — Yea
Jones, J. — Yea
Brady — Yea
Sullivan — Yea
Cullerton — Yea
Luechtefeld — Yea
Maloney — Yea
Meeks — Not Voting
Dahl — Yea
DeLeo — Yea
Hultgren — Yea
Clayborne — Yea
Cronin — Yea
Crotty — Yea
Dillard — Yea
Forby — Yea
Frerichs — Yea
Haine — Yea
Hutchinson — Yea
Pankau — Yea
Radogno — Yea
Raoul — Yea
Righter — Yea
Risinger — Not Voting
Rutherford — Yea
Sandoval — Yea
Link — Yea
Althoff — Yea
Martinez — Yea
Bivins — Yea
Bomke — Yea
Bond — Yea
Burzynski — Yea
Duffy — Yea
Garrett — Yea
David Koehler Democrat Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Eva-Dina Delgado Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Laura M. Murphy Democrat Yea
Linda Holmes Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Yea

Official roll call →

Subjects

taxation
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 489 do?
Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning the short title.
Who sponsors SB 489?
SB 489 is sponsored by Michael Noland.
What is the current status of SB 489?
This bill died with 96th Regular Session. It reached “Passed Senate” 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 489?
Track SB 489 free on One Click Politics — get push/email alerts when it moves.

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