GA96SB256 96 SB 256 INC TAX-VENTURE CAPITAL CREDIT Amends the Illinois Income Tax Act. Provides that, for 5 taxable years, each taxpayer is entitled to an income tax credit for an investment in a qualified venture capital fund in Illinois. Provides that (i) the fund must have its primary office in Illinois (ii) at least 50% of the total number of investments in the fund's portfolio must be in companies that are based in Illinois. The amount of the credit is based on several factors: economic need of the region in Illinois where the investment occurs, the population of the county in Illinois where the investment occurs, whether the company invested in is an Illinois company that is minority or women owned, and whether the investment is a seed-level investment in an Illinois company. The taxpayer may receive a credit in the amount of 10% of the taxpayer's investment if the investment meets one of the factors and 20% if the investment meets more than one of the factors. But the taxpayer is not eligible for the credit until the fund makes an investment in Illinois. Provides that the tax credit may not reduce the taxpayer's liability to less than zero, but may be carried forward for 5 years. Effective immediately. http://www.ilga.gov/legislation/BillStatus.asp?DocNum=256&GAID=10&DocTypeID=SB&LegId=40911&SessionID=76&GA=96 2009-07-31 00:00:00 Senate Governor Approved 0 51 2009-07-29 00:00:00 Senate Sent to the Governor 0 50 2009-06-30 00:00:00 Senate Passed Both Houses 0 49 2009-06-30 00:00:00 Senate House Floor Amendment No. 2 Senate Concurs 056-000-000 0 48 2009-06-30 00:00:00 Senate 3/5 Vote Required 0 46 2009-06-30 00:00:00 Senate House Committee Amendment No. 1 Senate Concurs 056-000-000 0 47 2009-05-31 00:00:00 Senate Secretary's Desk - Concurrence House Amendment(s) 1, 2 0 36 2009-05-31 00:00:00 Senate Placed on Calendar Order of Concurrence House Amendment(s) 1, 2 - May 31, 2009 0 37 2009-06-30 00:00:00 Senate House Floor Amendment No. 2 Motion To Concur Recommended Do Adopt Executive; 012-000-000 0 45 SEXC 2009-06-30 00:00:00 Senate House Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Executive; 012-000-000 0 44 SEXC 2009-06-30 00:00:00 Senate House Floor Amendment No. 2 Motion to Concur Assignments Referred to Executive 0 43 SEXC 2009-06-30 00:00:00 Senate House Committee Amendment No. 1 Motion to Concur Assignments Referred to Executive 0 42 SEXC 2009-05-31 00:00:00 Senate House Floor Amendment No. 2 Motion to Concur Filed with Secretary Sen. Michael Noland 0 40 2009-05-31 00:00:00 Senate House Floor Amendment No. 2 Motion to Concur Referred to Assignments 0 41 SCOA 2009-05-31 00:00:00 Senate House Committee Amendment No. 1 Motion to Concur Referred to Assignments 0 39 SCOA 2009-05-31 00:00:00 Senate House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Michael Noland 0 38 2009-05-31 00:00:00 House Third Reading - Short Debate - Passed 118-000-000 1 35 2009-05-31 00:00:00 House Placed on Calendar Order of 3rd Reading - Short Debate 0 34 2009-05-30 00:00:00 House House Floor Amendment No. 2 Filed with Clerk by Rep. Barbara Flynn Currie 0 29 2009-05-31 00:00:00 House House Floor Amendment No. 2 Adopted by Voice Vote 0 33 2009-05-31 00:00:00 House House Floor Amendment No. 2 Recommends Be Adopted Revenue & Finance Committee; 013-000-000 0 32 HREF 2009-05-30 00:00:00 House House Floor Amendment No. 2 Rules Refers to Revenue & Finance Committee 0 31 HREF 2009-05-30 00:00:00 House House Floor Amendment No. 2 Referred to Rules Committee 0 30 HRUL 2009-05-27 00:00:00 House House Committee Amendment No. 1 Adopted in Revenue & Finance Committee; by Voice Vote 0 23 HREF 2009-05-29 00:00:00 House Final Action Deadline Extended-9(b) May 31, 2009 0 28 2009-05-27 00:00:00 House Second Reading - Short Debate 1 26 2009-05-27 00:00:00 House Held on Calendar Order of Second Reading - Short Debate 0 27 2009-05-27 00:00:00 House Placed on Calendar 2nd Reading - Short Debate 0 25 2009-05-27 00:00:00 House Do Pass as Amended / Short Debate Revenue & Finance Committee; 009-000-000 0 24 HREF 2009-05-26 00:00:00 House Motion Filed to Suspend Rule 25 Revenue & Finance Committee; <a href="../../house/rep.asp?MemberID=1369">Rep. Barbara Flynn Currie</a> 0 20 HREF 2009-05-26 00:00:00 House Motion to Suspend Rule 25 - Prevailed by Voice Vote 0 21 2009-05-27 00:00:00 House House Committee Amendment No. 1 Filed with Clerk by Revenue & Finance Committee 0 22 HREF 2009-05-11 00:00:00 House Assigned to Revenue & Finance Committee 0 18 HREF 2009-05-22 00:00:00 House Final Action Deadline Extended-9(b) May 29, 2009 0 19 2009-05-05 00:00:00 House Referred to Rules Committee 0 16 HRUL 2009-05-11 00:00:00 House Committee/Final Action Deadline Extended-9(b) May 22, 2009 0 17 2009-05-05 00:00:00 House First Reading 1 15 2009-05-01 00:00:00 House Chief House Sponsor Rep. Mark L. Walker 0 14 2009-04-30 00:00:00 House Placed on Calendar Order of First Reading 0 13 2009-04-30 00:00:00 Senate Added as Chief Co-Sponsor Sen. Dan Kotowski 0 10 2009-04-30 00:00:00 Senate Third Reading - Passed; 050-000-000 1 11 2009-04-30 00:00:00 House Arrived in House 0 12 2009-04-02 00:00:00 Senate Added as Chief Co-Sponsor Sen. Kwame Raoul 0 8 2009-04-03 00:00:00 Senate Rule 2-10 Third Reading Deadline Established As April 30, 2009 0 9 2009-02-04 00:00:00 Senate Referred to Assignments 0 2 SCOA 2009-02-10 00:00:00 Senate Assigned to Commerce 0 3 SCOM 2009-03-12 00:00:00 Senate Do Pass Commerce; 007-000-000 0 4 SCOM 2009-03-12 00:00:00 Senate Placed on Calendar Order of 2nd Reading March 17, 2009 0 5 2009-03-24 00:00:00 Senate Second Reading 1 6 2009-03-24 00:00:00 Senate Placed on Calendar Order of 3rd Reading March 25, 2009 0 7 2009-02-04 00:00:00 Senate First Reading 1 1 2009-02-04 00:00:00 Senate Filed with Secretary by Sen. Michael Noland 0 0 2009-07-31 00:00:00 Senate Effective Date July 31, 2009 0 52 2009-07-31 00:00:00 Senate Public Act . . . . . . . . . 96-0115 1 53 DanKotowski Senate Chief Co-Sponsor KwameRaoul Senate Chief Co-Sponsor MarkLWalker House Chief Sponsor MichaelNoland Senate Chief Sponsor