IL HB3849

Raises the annual limit on aggregate angel investment tax credits from $10 million to $20 million per calendar year.

Increases the maximum eligible investment per applicant from $2 million to $4 million for tax credit purposes.

Allows claimants to claim a 25% tax credit against Illinois income tax for direct investments in qualified new business ventures meeting specified criteria.

Requires qualified new business ventures to maintain headquarters and at least 51% of employees in Illinois, with operations limited to innovation sectors and excluding real estate, banking, retail, and certain professional services.

Takes effect immediately upon becoming law.