INC TAX-VENTURE CAPITAL CREDIT Senate SponsorsSen. Michael Noland-Kwame Raoul-Dan Kotowski House Sponsors(Rep. Mark L. Walker) 7/31/2009SenatePublic Act . . . . . . . . . 96-0115 35 ILCS 5/218 newAmends 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.House Committee Amendment No. 1 Deletes reference to:35 ILCS 5/218Adds reference to:35 ILCS 5/101from Ch. 120, par. 1-101Deletes everything after the enacting clause. Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning the short title.House Floor Amendment No. 2 Deletes reference to:35 ILCS 5/101Adds reference to:35 ILCS 5/201from Ch. 120, par. 2-201Deletes everything after the enacting clause. Amends the Illinois Income Tax Act. Provides that, for taxable years ending after December 31, 2008, for purposes of the investment credit, the term "tangible personal property" does not include the generation, transmission, or distribution of electricity. Provides that, for purposes of the investment credit, the term "retailing" means the sale of tangible personal property for use or consumption and not for resale, or services rendered in conjunction with the sale of tangible personal property for use or consumption and not for resale. Effective immediately. 2/4/2009SenateFiled with Secretary by Sen. Michael Noland 2/4/2009SenateFirst Reading 2/4/2009SenateReferred to Assignments 2/10/2009SenateAssigned to Commerce 3/12/2009SenateDo Pass Commerce; 007-000-000 3/12/2009SenatePlaced on Calendar Order of 2nd Reading March 17, 2009 3/24/2009SenateSecond Reading 3/24/2009SenatePlaced on Calendar Order of 3rd Reading March 25, 2009 4/2/2009SenateAdded as Chief Co-Sponsor Sen. Kwame Raoul 4/3/2009SenateRule 2-10 Third Reading Deadline Established As April 30, 2009 4/30/2009SenateAdded as Chief Co-Sponsor Sen. Dan Kotowski 4/30/2009SenateThird Reading - Passed; 050-000-000 4/30/2009HouseArrived in House 4/30/2009HousePlaced on Calendar Order of First Reading 5/1/2009HouseChief House Sponsor Rep. Mark L. Walker 5/5/2009HouseFirst Reading 5/5/2009HouseReferred to Rules Committee 5/11/2009HouseCommittee/Final Action Deadline Extended-9(b) May 22, 2009 5/11/2009HouseAssigned to Revenue & Finance Committee 5/22/2009HouseFinal Action Deadline Extended-9(b) May 29, 2009 5/26/2009HouseMotion Filed to Suspend Rule 25 Revenue & Finance Committee; Rep. Barbara Flynn Currie 5/26/2009HouseMotion to Suspend Rule 25 - Prevailed by Voice Vote 5/27/2009HouseHouse Committee Amendment No. 1 Filed with Clerk by Revenue & Finance Committee 5/27/2009HouseHouse Committee Amendment No. 1 Adopted in Revenue & Finance Committee; by Voice Vote 5/27/2009HouseDo Pass as Amended / Short Debate Revenue & Finance Committee; 009-000-000 5/27/2009HousePlaced on Calendar 2nd Reading - Short Debate 5/27/2009HouseSecond Reading - Short Debate 5/27/2009HouseHeld on Calendar Order of Second Reading - Short Debate 5/29/2009HouseFinal Action Deadline Extended-9(b) May 31, 2009 5/30/2009HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Barbara Flynn Currie 5/30/2009HouseHouse Floor Amendment No. 2 Referred to Rules Committee 5/30/2009HouseHouse Floor Amendment No. 2 Rules Refers to Revenue & Finance Committee 5/31/2009HouseHouse Floor Amendment No. 2 Recommends Be Adopted Revenue & Finance Committee; 013-000-000 5/31/2009HouseHouse Floor Amendment No. 2 Adopted by Voice Vote 5/31/2009HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/31/2009HouseThird Reading - Short Debate - Passed 118-000-000 5/31/2009SenateSecretary's Desk - Concurrence House Amendment(s) 1, 2 5/31/2009SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1, 2 - May 31, 2009 5/31/2009SenateHouse Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Michael Noland 5/31/2009SenateHouse Committee Amendment No. 1 Motion to Concur Referred to Assignments 5/31/2009SenateHouse Floor Amendment No. 2 Motion to Concur Filed with Secretary Sen. Michael Noland 5/31/2009SenateHouse Floor Amendment No. 2 Motion to Concur Referred to Assignments 6/30/2009SenateHouse Committee Amendment No. 1 Motion to Concur Assignments Referred to Executive 6/30/2009SenateHouse Floor Amendment No. 2 Motion to Concur Assignments Referred to Executive 6/30/2009SenateHouse Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Executive; 012-000-000 6/30/2009SenateHouse Floor Amendment No. 2 Motion To Concur Recommended Do Adopt Executive; 012-000-000 6/30/2009Senate3/5 Vote Required 6/30/2009SenateHouse Committee Amendment No. 1 Senate Concurs 056-000-000 6/30/2009SenateHouse Floor Amendment No. 2 Senate Concurs 056-000-000 6/30/2009SenatePassed Both Houses 7/29/2009SenateSent to the Governor 7/31/2009SenateGovernor Approved 7/31/2009SenateEffective Date July 31, 2009 7/31/2009SenatePublic Act . . . . . . . . . 96-0115