SB3155: INC TX-ANGEL CREDIT

Legislative Summary

Amends the Illinois Income Tax Act. In provisions requiring a claimant or claimants to repay certain amounts received under the angel investment tax credit if a qualified new business venture fails to maintain its minimum employment threshold, provides that, during the 3-year reporting period that includes March 13, 2020 to January 1, 2024, the repayment of any tax credits issued under those provisions shall be determined at the discretion of the Department of Commerce and Economic Opportunity. Effective immediately.