Illinois Administrative Code
Title 14 - COMMERCE
Part 531 - ANGEL INVESTMENT CREDIT PROGRAM
Section 531.60 - Qualified New Business Registration Guidelines
Universal Citation: 14 IL Admin Code ยง 531.60
Current through Register Vol. 48, No. 38, September 20, 2024
a) A business desiring registration shall submit an application to the Department in each taxable year for which the business desires registration. [ 35 ILCS 5/220(e)]
b) The Department may register the business only if the business satisfies all of the following conditions:
1)
It has its
principal place of business in this State;
2)
At least 51% of the employees
employed by the business are employed in this State;
3)
It has the potential for
increasing jobs in this State, increasing capital investment in this State, or
both, as determined by the Department, and either of the following
apply:
A)
It is principally
engaged in innovation in any of the following: manufacturing; biotechnology;
nanotechnology; communications; agricultural sciences; clean energy creation or
storage technology; processing or assembling products, including medical
devices, pharmaceuticals, computer software, computer hardware, semiconductors,
other innovative technology products, or other products that are produced using
manufacturing methods that are enabled by applying proprietary technology; or
providing services that are enabled by applying proprietary technology;
or
B)
It is
undertaking pre-commercialization activity related to proprietary technology
that includes conducting research, developing a new product or business
process, or developing a service that is principally reliant on applying
proprietary technology;
4)
It is not principally engaged in
real estate development; insurance; banking; lending; lobbying; political
consulting; professional services provided by attorneys, accountants, business
consultants, physicians, or health care consultants; wholesale or retail trade;
leisure; hospitality; transportation; or construction, except construction of
power production plants that derive energy from a renewable energy resource, as
defined in Section 1 of the Illinois Power Agency Act [ 20 ILCS 3855
];
5)
It has fewer than 100
employees at initial time of registration;
6)
It has been in operation in
Illinois for not more than 10 consecutive years prior to beginning of the year
of certification;
7)
It has received not more than:
A)
$10,000,000 in aggregate
investments; or
B)
$4,000,000 in investments that qualified for tax credits;
and
8)
It agrees to maintain a minimum employment threshold in the State of
Illinois for at least 3 years from the date of issuance of any tax credit
certificate issued to a claimant with respect to that business. [
35 ILCS
5/220(e)]
c) For purposes of subsection (b), the number of employees of a business shall be determined on a full-time equivalent basis.
Disclaimer: These regulations may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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