IL HB5805

Establishes a 50% income tax credit for qualified investments in qualified businesses, effective for taxable years beginning January 1, 2012.

Defines "qualified business" as a business with annual gross revenues under $3,000,000, principal office in Illinois, and operating in technology fields including advanced computing, biotechnology, energy, medical devices, and nanotechnology.

Limits credit to $50,000 per taxpayer per year and restricts eligibility to investors with less than $10,000,000 in committed capital under management.

Sets total annual tax credits available statewide at $5,000,000, with $2,500,000 allocated exclusively for commercialization investments (businesses commercializing research from higher education institutions).

Allows unused credits to be carried forward for up to 15 succeeding taxable years.