IL SB1041

Makes a technical change to Section 220 of the Illinois Income Tax Act by removing a redundant use of the word "that" in the definition of "applicant" for the angel investment credit program.

Allows investors to claim a 25% tax credit against Illinois income tax for direct investments in qualified new business ventures for taxable years 2011-2016, with a maximum investment basis of $2,000,000 per venture.

Excess credits that exceed annual tax liability may be carried forward for up to 5 subsequent tax years, with credits applied to the earliest available year first.

Requires qualified new business ventures to meet criteria including Illinois headquarters, at least 51% of employees in Illinois, fewer than 100 employees at certification, and engagement in innovation or pre-commercialization activities in designated industries.

Limits aggregate tax credits to $10,000,000 per calendar year and requires the Department of Commerce and Economic Opportunity to report annually to the Governor and General Assembly on all credits awarded.