Illinois 2023-2024 Regular Session

Illinois Senate Bill SB0304 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB0304 Introduced 2/2/2023, by Sen. Suzy Glowiak Hilton SYNOPSIS AS INTRODUCED: 35 ILCS 5/220 Amends the Illinois Income Tax Act. In provisions concerning the angel investment credit, provides that the amount of the credit is 35% (rather than 25%) of the claimant's investment made directly in the qualified new business venture if the investment is made in (1) a qualified new business venture that is a minority-owned business, a women-owned business, or a business owned a person with a disability or (2) a qualified new business venture in which the principal place of business is located in a county with a population of not more than 250,000. Increases the aggregate amount of angel investment credits that may be claimed in a taxable year. LRB103 27554 HLH 53929 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB0304 Introduced 2/2/2023, by Sen. Suzy Glowiak Hilton SYNOPSIS AS INTRODUCED: 35 ILCS 5/220 35 ILCS 5/220 Amends the Illinois Income Tax Act. In provisions concerning the angel investment credit, provides that the amount of the credit is 35% (rather than 25%) of the claimant's investment made directly in the qualified new business venture if the investment is made in (1) a qualified new business venture that is a minority-owned business, a women-owned business, or a business owned a person with a disability or (2) a qualified new business venture in which the principal place of business is located in a county with a population of not more than 250,000. Increases the aggregate amount of angel investment credits that may be claimed in a taxable year. LRB103 27554 HLH 53929 b LRB103 27554 HLH 53929 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB0304 Introduced 2/2/2023, by Sen. Suzy Glowiak Hilton SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 5/220 35 ILCS 5/220
4	4	35 ILCS 5/220
5	5	Amends the Illinois Income Tax Act. In provisions concerning the angel investment credit, provides that the amount of the credit is 35% (rather than 25%) of the claimant's investment made directly in the qualified new business venture if the investment is made in (1) a qualified new business venture that is a minority-owned business, a women-owned business, or a business owned a person with a disability or (2) a qualified new business venture in which the principal place of business is located in a county with a population of not more than 250,000. Increases the aggregate amount of angel investment credits that may be claimed in a taxable year.
6	6	LRB103 27554 HLH 53929 b LRB103 27554 HLH 53929 b
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8	8	A BILL FOR
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11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Illinois Income Tax Act is amended by
15	15	5 changing Section 220 as follows:
16	16	6 (35 ILCS 5/220)
17	17	7 Sec. 220. Angel investment credit.
18	18	8 (a) As used in this Section:
19	19	9 "Applicant" means a corporation, partnership, limited
20	20	10 liability company, or a natural person that makes an
21	21	11 investment in a qualified new business venture. The term
22	22	12 "applicant" does not include (i) a corporation, partnership,
23	23	13 limited liability company, or a natural person who has a
24	24	14 direct or indirect ownership interest of at least 51% in the
25	25	15 profits, capital, or value of the qualified new business
26	26	16 venture receiving the investment or (ii) a related member.
27	27	17 "Claimant" means an applicant certified by the Department
28	28	18 who files a claim for a credit under this Section.
29	29	19 "Department" means the Department of Commerce and Economic
30	30	20 Opportunity.
31	31	21 "Investment" means money (or its equivalent) given to a
32	32	22 qualified new business venture, at a risk of loss, in
33	33	23 consideration for an equity interest of the qualified new
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB0304 Introduced 2/2/2023, by Sen. Suzy Glowiak Hilton SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 5/220 35 ILCS 5/220
39	39	35 ILCS 5/220
40	40	Amends the Illinois Income Tax Act. In provisions concerning the angel investment credit, provides that the amount of the credit is 35% (rather than 25%) of the claimant's investment made directly in the qualified new business venture if the investment is made in (1) a qualified new business venture that is a minority-owned business, a women-owned business, or a business owned a person with a disability or (2) a qualified new business venture in which the principal place of business is located in a county with a population of not more than 250,000. Increases the aggregate amount of angel investment credits that may be claimed in a taxable year.
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43	43	A BILL FOR
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68	68	1 business venture. The Department may adopt rules to permit
69	69	2 certain forms of contingent equity investments to be
70	70	3 considered eligible for a tax credit under this Section.
71	71	4 "Qualified new business venture" means a business that is
72	72	5 registered with the Department under this Section.
73	73	6 "Related member" means a person that, with respect to the
74	74	7 applicant, is any one of the following:
75	75	8 (1) An individual, if the individual and the members
76	76	9 of the individual's family (as defined in Section 318 of
77	77	10 the Internal Revenue Code) own directly, indirectly,
78	78	11 beneficially, or constructively, in the aggregate, at
79	79	12 least 50% of the value of the outstanding profits,
80	80	13 capital, stock, or other ownership interest in the
81	81	14 qualified new business venture that is the recipient of
82	82	15 the applicant's investment.
83	83	16 (2) A partnership, estate, or trust and any partner or
84	84	17 beneficiary, if the partnership, estate, or trust and its
85	85	18 partners or beneficiaries own directly, indirectly,
86	86	19 beneficially, or constructively, in the aggregate, at
87	87	20 least 50% of the profits, capital, stock, or other
88	88	21 ownership interest in the qualified new business venture
89	89	22 that is the recipient of the applicant's investment.
90	90	23 (3) A corporation, and any party related to the
91	91	24 corporation in a manner that would require an attribution
92	92	25 of stock from the corporation under the attribution rules
93	93	26 of Section 318 of the Internal Revenue Code, if the
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104	104	1 applicant and any other related member own, in the
105	105	2 aggregate, directly, indirectly, beneficially, or
106	106	3 constructively, at least 50% of the value of the
107	107	4 outstanding stock of the qualified new business venture
108	108	5 that is the recipient of the applicant's investment.
109	109	6 (4) A corporation and any party related to that
110	110	7 corporation in a manner that would require an attribution
111	111	8 of stock from the corporation to the party or from the
112	112	9 party to the corporation under the attribution rules of
113	113	10 Section 318 of the Internal Revenue Code, if the
114	114	11 corporation and all such related parties own, in the
115	115	12 aggregate, at least 50% of the profits, capital, stock, or
116	116	13 other ownership interest in the qualified new business
117	117	14 venture that is the recipient of the applicant's
118	118	15 investment.
119	119	16 (5) A person to or from whom there is attribution of
120	120	17 ownership of stock in the qualified new business venture
121	121	18 that is the recipient of the applicant's investment in
122	122	19 accordance with Section 1563(e) of the Internal Revenue
123	123	20 Code, except that for purposes of determining whether a
124	124	21 person is a related member under this paragraph, "20%"
125	125	22 shall be substituted for "5%" whenever "5%" appears in
126	126	23 Section 1563(e) of the Internal Revenue Code.
127	127	24 (b) For taxable years beginning after December 31, 2010,
128	128	25 and ending on or before December 31, 2026, subject to the
129	129	26 limitations provided in this Section, a claimant may claim, as
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140	140	1 a credit against the tax imposed under subsections (a) and (b)
141	141	2 of Section 201 of this Act, an amount equal to 25% of the
142	142	3 claimant's investment made directly in a qualified new
143	143	4 business venture. However, the amount of the credit is 35% of
144	144	5 the claimant's investment made directly in the qualified new
145	145	6 business venture if the investment is made in: (1) a qualified
146	146	7 new business venture that is a minority-owned business, a
147	147	8 women-owned business, or a business owned a person with a
148	148	9 disability (as those terms are used and defined in the
149	149	10 Business Enterprise for Minorities, Women, and Persons with
150	150	11 Disabilities Act); or (2) a qualified new business venture in
151	151	12 which the principal place of business is located in a county
152	152	13 with a population of not more than 250,000. In order for an
153	153	14 investment in a qualified new business venture to be eligible
154	154	15 for tax credits, the business must have applied for and
155	155	16 received certification under subsection (e) for the taxable
156	156	17 year in which the investment was made prior to the date on
157	157	18 which the investment was made. The credit under this Section
158	158	19 may not exceed the taxpayer's Illinois income tax liability
159	159	20 for the taxable year. If the amount of the credit exceeds the
160	160	21 tax liability for the year, the excess may be carried forward
161	161	22 and applied to the tax liability of the 5 taxable years
162	162	23 following the excess credit year. The credit shall be applied
163	163	24 to the earliest year for which there is a tax liability. If
164	164	25 there are credits from more than one tax year that are
165	165	26 available to offset a liability, the earlier credit shall be
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176	176	1 applied first. In the case of a partnership or Subchapter S
177	177	2 Corporation, the credit is allowed to the partners or
178	178	3 shareholders in accordance with the determination of income
179	179	4 and distributive share of income under Sections 702 and 704
180	180	5 and Subchapter S of the Internal Revenue Code.
181	181	6 (c) The minimum amount an applicant must invest in any
182	182	7 single qualified new business venture in order to be eligible
183	183	8 for a credit under this Section is $10,000. The maximum amount
184	184	9 of an applicant's total investment made in any single
185	185	10 qualified new business venture that may be used as the basis
186	186	11 for a credit under this Section is $2,000,000.
187	187	12 (d) The Department shall implement a program to certify an
188	188	13 applicant for an angel investment credit. Upon satisfactory
189	189	14 review, the Department shall issue a tax credit certificate
190	190	15 stating the amount of the tax credit to which the applicant is
191	191	16 entitled. The Department shall annually certify that: (i) each
192	192	17 qualified new business venture that receives an angel
193	193	18 investment under this Section has maintained a minimum
194	194	19 employment threshold, as defined by rule, in the State (and
195	195	20 continues to maintain a minimum employment threshold in the
196	196	21 State for a period of no less than 3 years from the issue date
197	197	22 of the last tax credit certificate issued by the Department
198	198	23 with respect to such business pursuant to this Section); and
199	199	24 (ii) the claimant's investment has been made and remains,
200	200	25 except in the event of a qualifying liquidity event, in the
201	201	26 qualified new business venture for no less than 3 years.
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212	212	1 If an investment for which a claimant is allowed a credit
213	213	2 under subsection (b) is held by the claimant for less than 3
214	214	3 years, other than as a result of a permitted sale of the
215	215	4 investment to person who is not a related member, the claimant
216	216	5 shall pay to the Department of Revenue, in the manner
217	217	6 prescribed by the Department of Revenue, the aggregate amount
218	218	7 of the disqualified credits that the claimant received related
219	219	8 to the subject investment.
220	220	9 If the Department determines that a qualified new business
221	221	10 venture failed to maintain a minimum employment threshold in
222	222	11 the State through the date which is 3 years from the issue date
223	223	12 of the last tax credit certificate issued by the Department
224	224	13 with respect to the subject business pursuant to this Section,
225	225	14 the claimant or claimants shall pay to the Department of
226	226	15 Revenue, in the manner prescribed by the Department of
227	227	16 Revenue, the aggregate amount of the disqualified credits that
228	228	17 claimant or claimants received related to investments in that
229	229	18 business.
230	230	19 (e) The Department shall implement a program to register
231	231	20 qualified new business ventures for purposes of this Section.
232	232	21 A business desiring registration under this Section shall be
233	233	22 required to submit a full and complete application to the
234	234	23 Department. A submitted application shall be effective only
235	235	24 for the taxable year in which it is submitted, and a business
236	236	25 desiring registration under this Section shall be required to
237	237	26 submit a separate application in and for each taxable year for
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248	248	1 which the business desires registration. Further, if at any
249	249	2 time prior to the acceptance of an application for
250	250	3 registration under this Section by the Department one or more
251	251	4 events occurs which makes the information provided in that
252	252	5 application materially false or incomplete (in whole or in
253	253	6 part), the business shall promptly notify the Department of
254	254	7 the same. Any failure of a business to promptly provide the
255	255	8 foregoing information to the Department may, at the discretion
256	256	9 of the Department, result in a revocation of a previously
257	257	10 approved application for that business, or disqualification of
258	258	11 the business from future registration under this Section, or
259	259	12 both. The Department may register the business only if all of
260	260	13 the following conditions are satisfied:
261	261	14 (1) it has its principal place of business in this
262	262	15 State;
263	263	16 (2) at least 51% of the employees employed by the
264	264	17 business are employed in this State;
265	265	18 (3) the business has the potential for increasing jobs
266	266	19 in this State, increasing capital investment in this
267	267	20 State, or both, as determined by the Department, and
268	268	21 either of the following apply:
269	269	22 (A) it is principally engaged in innovation in any
270	270	23 of the following: manufacturing; biotechnology;
271	271	24 nanotechnology; communications; agricultural
272	272	25 sciences; clean energy creation or storage technology;
273	273	26 processing or assembling products, including medical
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284	284	1 devices, pharmaceuticals, computer software, computer
285	285	2 hardware, semiconductors, other innovative technology
286	286	3 products, or other products that are produced using
287	287	4 manufacturing methods that are enabled by applying
288	288	5 proprietary technology; or providing services that are
289	289	6 enabled by applying proprietary technology; or
290	290	7 (B) it is undertaking pre-commercialization
291	291	8 activity related to proprietary technology that
292	292	9 includes conducting research, developing a new product
293	293	10 or business process, or developing a service that is
294	294	11 principally reliant on applying proprietary
295	295	12 technology;
296	296	13 (4) it is not principally engaged in real estate
297	297	14 development, insurance, banking, lending, lobbying,
298	298	15 political consulting, professional services provided by
299	299	16 attorneys, accountants, business consultants, physicians,
300	300	17 or health care consultants, wholesale or retail trade,
301	301	18 leisure, hospitality, transportation, or construction,
302	302	19 except construction of power production plants that derive
303	303	20 energy from a renewable energy resource, as defined in
304	304	21 Section 1 of the Illinois Power Agency Act;
305	305	22 (5) at the time it is first certified:
306	306	23 (A) it has fewer than 100 employees;
307	307	24 (B) it has been in operation in Illinois for not
308	308	25 more than 10 consecutive years prior to the year of
309	309	26 certification; and
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320	320	1 (C) it has received not more than $10,000,000 in
321	321	2 aggregate investments;
322	322	3 (5.1) it agrees to maintain a minimum employment
323	323	4 threshold in the State of Illinois prior to the date which
324	324	5 is 3 years from the issue date of the last tax credit
325	325	6 certificate issued by the Department with respect to that
326	326	7 business pursuant to this Section;
327	327	8 (6) (blank); and
328	328	9 (7) it has received not more than $4,000,000 in
329	329	10 investments that qualified for tax credits under this
330	330	11 Section.
331	331	12 (f) The Department, in consultation with the Department of
332	332	13 Revenue, shall adopt rules to administer this Section. For
333	333	14 taxable years beginning before January 1, 2024, the The
334	334	15 aggregate amount of the tax credits that may be claimed under
335	335	16 this Section for investments made in qualified new business
336	336	17 ventures shall be limited to at $10,000,000 per calendar year,
337	337	18 of which $500,000 shall be reserved for investments made in
338	338	19 qualified new business ventures which are minority-owned
339	339	20 businesses, women-owned businesses, or businesses owned by a
340	340	21 person with a disability (as those terms are used and defined
341	341	22 in the Business Enterprise for Minorities, Women, and Persons
342	342	23 with Disabilities Act), and an additional $500,000 shall be
343	343	24 reserved for investments made in qualified new business
344	344	25 ventures with their principal place of business in counties
345	345	26 with a population of not more than 250,000. For taxable years
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356	356	1 beginning on or after January 1, 2024, the aggregate amount of
357	357	2 the tax credits that may be claimed under this Section for
358	358	3 investments made in qualified new business ventures shall be
359	359	4 limited to $25,000,000 per calendar year, of which $5,000,000
360	360	5 shall be reserved for investments made in qualified new
361	361	6 business ventures that are minority-owned businesses (as the
362	362	7 term is defined in the Business Enterprise for Minorities,
363	363	8 Women, and Persons with Disabilities Act), $2,500,000 shall be
364	364	9 reserved for investments made in qualified new business
365	365	10 ventures that are women-owned businesses or businesses owned
366	366	11 by a person with a disability (as those terms are defined in
367	367	12 the Business Enterprise for Minorities, Women, and Persons
368	368	13 with Disabilities Act), and $2,500,000 shall be reserved for
369	369	14 investments made in qualified new business ventures with their
370	370	15 principal place of business in a county with a population of
371	371	16 not more than 250,000. The foregoing annual allowable amounts
372	372	17 set forth in this Section shall be allocated by the
373	373	18 Department, on a per calendar quarter basis and prior to the
374	374	19 commencement of each calendar year, in such proportion as
375	375	20 determined by the Department, provided that: (i) the amount
376	376	21 initially allocated by the Department for any one calendar
377	377	22 quarter shall not exceed 35% of the total allowable amount;
378	378	23 (ii) any portion of the allocated allowable amount remaining
379	379	24 unused as of the end of any of the first 3 calendar quarters of
380	380	25 a given calendar year shall be rolled into, and added to, the
381	381	26 total allocated amount for the next available calendar
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392	392	1 quarter; and (iii) the reservation of tax credits for
393	393	2 investments in minority-owned businesses, women-owned
394	394	3 businesses, businesses owned by a person with a disability,
395	395	4 and in businesses in counties with a population of not more
396	396	5 than 250,000 is limited to the first 3 calendar quarters of a
397	397	6 given calendar year, after which they may be claimed by
398	398	7 investors in any qualified new business venture.
399	399	8 (g) A claimant may not sell or otherwise transfer a credit
400	400	9 awarded under this Section to another person.
401	401	10 (h) On or before March 1 of each year, the Department shall
402	402	11 report to the Governor and to the General Assembly on the tax
403	403	12 credit certificates awarded under this Section for the prior
404	404	13 calendar year.
405	405	14 (1) This report must include, for each tax credit
406	406	15 certificate awarded:
407	407	16 (A) the name of the claimant and the amount of
408	408	17 credit awarded or allocated to that claimant;
409	409	18 (B) the name and address (including the county) of
410	410	19 the qualified new business venture that received the
411	411	20 investment giving rise to the credit, the North
412	412	21 American Industry Classification System (NAICS) code
413	413	22 applicable to that qualified new business venture, and
414	414	23 the number of employees of the qualified new business
415	415	24 venture; and
416	416	25 (C) the date of approval by the Department of each
417	417	26 claimant's tax credit certificate.
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428	428	1 (2) The report must also include:
429	429	2 (A) the total number of applicants and the total
430	430	3 number of claimants, including the amount of each tax
431	431	4 credit certificate awarded to a claimant under this
432	432	5 Section in the prior calendar year;
433	433	6 (B) the total number of applications from
434	434	7 businesses seeking registration under this Section,
435	435	8 the total number of new qualified business ventures
436	436	9 registered by the Department, and the aggregate amount
437	437	10 of investment upon which tax credit certificates were
438	438	11 issued in the prior calendar year; and
439	439	12 (C) the total amount of tax credit certificates
440	440	13 sought by applicants, the amount of each tax credit
441	441	14 certificate issued to a claimant, the aggregate amount
442	442	15 of all tax credit certificates issued in the prior
443	443	16 calendar year and the aggregate amount of tax credit
444	444	17 certificates issued as authorized under this Section
445	445	18 for all calendar years.
446	446	19 (i) For each business seeking registration under this
447	447	20 Section after December 31, 2016, the Department shall require
448	448	21 the business to include in its application the North American
449	449	22 Industry Classification System (NAICS) code applicable to the
450	450	23 business and the number of employees of the business at the
451	451	24 time of application. Each business registered by the
452	452	25 Department as a qualified new business venture that receives
453	453	26 an investment giving rise to the issuance of a tax credit
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464	464	1 certificate pursuant to this Section shall, for each of the 3
465	465	2 years following the issue date of the last tax credit
466	466	3 certificate issued by the Department with respect to such
467	467	4 business pursuant to this Section, report to the Department
468	468	5 the following:
469	469	6 (1) the number of employees and the location at which
470	470	7 those employees are employed, both as of the end of each
471	471	8 year;
472	472	9 (2) the amount of additional new capital investment
473	473	10 raised as of the end of each year, if any; and
474	474	11 (3) the terms of any liquidity event occurring during
475	475	12 such year; for the purposes of this Section, a "liquidity
476	476	13 event" means any event that would be considered an exit
477	477	14 for an illiquid investment, including any event that
478	478	15 allows the equity holders of the business (or any material
479	479	16 portion thereof) to cash out some or all of their
480	480	17 respective equity interests.
481	481	18 (Source: P.A. 101-81, eff. 7-12-19; 102-16, eff. 6-17-21.)
482	482
483	483
484	484
485	485
486	486
487	487	SB0304 - 13 - LRB103 27554 HLH 53929 b