IL HB2432

Allows taxpayers a 50% income tax credit on qualified investments in qualified businesses for taxable years beginning January 1, 2015 or later.

Defines "qualified business" as a business with annual gross revenues not exceeding $3,000,000, principal office in Illinois, engaged primarily in technology-related fields (advanced computing, biotechnology, energy, medical devices, nanotechnology, etc.), and having received no more than $3,000,000 in aggregate equity or debt proceeds.

Limits credit eligibility by excluding professional investment firms with over $10,000,000 in committed capital under management and investors who received compensation from the business within one year before or after their investment.

Caps individual taxpayer credits at the lesser of tax liability or $50,000 per year, with unused credits carried forward for up to 15 succeeding taxable years.

Establishes $5,000,000 in annual tax credits available statewide, with $2,500,000 reserved for commercialization investments (research developed at or with institutions of higher education); unused commercialization credits become available for general qualified business investments.