Illinois Administrative Code
Title 14 - COMMERCE
Part 531 - ANGEL INVESTMENT CREDIT PROGRAM
Section 531.55 - Allocation of Tax Credits
Universal Citation: 14 IL Admin Code ยง 531.55
Current through Register Vol. 48, No. 38, September 20, 2024
a) For taxable years beginning before January 1, 2024:
1)
The aggregate amount of the tax
credits that may be claimed under the Angel Investment Credit Program
for investments made in qualified new business ventures shall be
limited to $10,000,000 per calendar year. [35 ILCS
5/220(f)]
2) Of the aggregate amount, $500,000
shall be reserved for investments made in qualified new business ventures that
are "minority-owned businesses", "women-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 [30 ILCS 575/2] ), 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. [35 ILCS
5/220(f)]
b) For the taxable years beginning on or after January 1, 2024:
1)
The aggregate amount of the tax credits that may be claimed
under the Angel Investment Credit Program for investments made
in qualified new business ventures shall be limited to $15,000,000 per calendar
year.
2)
$2,500,000 of such aggregate amount shall be reserved
for investments made in qualified new business ventures that are minority-owned
businesses, as the term is defined in
30 ILCS
575/2(A)(3).
c) The foregoing annual allowable amounts shall be allocated by the Department, on a per calendar quarter basis and prior to the commencement of each calendar year, in such proportion as determined by the Department, provided that:
1)
the amount initially allocated by
the Department for any one calendar quarter shall not exceed
$3,500,000; and
2)
any portion of the allocated allowable amount remaining unused as of
the end of any of the first 2 calendar quarters of a given calendar year shall
be rolled into, and added to, the total allocated amount for the next available
calendar quarter. [35 ILCS
5/220(f)]
d) The Department may roll over any unused credits at the end of the third calendar quarter into the fourth calendar quarter.
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