Ill. Admin. Code tit. 14 § 531.55

Current through Register Vol. 48, No. 49, December 6, 2024

Section 531.55 - Allocation of Tax Credits

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 in30 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.

Ill. Admin. Code tit. 14, § 531.55

Added at 42 Ill. Reg. 16493, effective 8/21/2018

Amended at 48 Ill. Reg. 11949, effective 7/29/2024