IL HB3318

Establishes a 25% tax credit for individual taxpayers who invest equity in qualified new business ventures, either directly or through certified investment fund managers.

Caps total credits statewide at $50,000,000 and limits individual investments to $500,000 per qualified business eligible for the credit.

Requires investments be held for at least one year; investments sold within one year require repayment of the credit to the Department.

Allows unused credits to carry forward for up to 5 subsequent taxable years and permits partnerships to pass credits through to partners.

Restricts eligible businesses to those with headquarters in Illinois, at least 51% of employees in Illinois, fewer than 100 employees, and engaged in manufacturing, agriculture, or research and development but excludes real estate development, banking, insurance, retail trade, and professional services.