Sec. 531.55 - Allocation of Tax Credits

ยง 531.55. Allocation of Tax Credits

a) 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 at $10,000,000 per calendar year. [35 ILCS 5/220(f)]

b) Of the $10,000,000 in tax credits that may be claimed and allocated to applicants, $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)]

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.

(Added at 42 Ill. Reg. 16493, effective August 21, 2018)

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