HB1967 Summary

• Creates online central repository on Department of Commerce and Economic Opportunity website containing permitting, licensing, registration forms, business startup information, and mentor/investor connections for Illinois businesses.

• Modifies Enterprise Zone Act to allow decertification of zones failing to report capital investment, job creation/retention, or tax expenditures for 3 consecutive years, with probationary period and public hearing requirements.

• Expands angel investment tax credit to 35% (from 25%) for investments in minority-owned, women-owned, or disability-owned businesses, or businesses in counties with populations under 250,000; reduces maximum investment per business from $2 million to $1 million.

• Creates new tax credit of up to $5,000 per full-time employee hired to fill positions in counties with fewer than 250,000 inhabitants, available for two taxable years if employee remains employed.

• Modifies Technology Development Act to remove investment cap limitations, expand definition of "technology business" to include incubators and accelerators, and allow Technology Development Fund grants to technology businesses for innovation.