IL HB1251

Increases the angel investment tax credit from 25% to 35% for investments in qualified new business ventures that are minority-owned, women-owned, or owned by a person with a disability, or located in counties with population of 250,000 or less

Raises the annual aggregate cap on angel investment credits from $10 million to $25 million per calendar year for taxable years beginning on or after January 1, 2024

Reserves $5 million annually for investments in minority-owned businesses, $2.5 million for women-owned businesses or businesses owned by persons with disabilities, and $2.5 million for businesses in counties with population not exceeding 250,000

Maintains the existing 25% credit rate for investments in other qualified new business ventures that do not meet the enhanced credit criteria

Credit applies to taxable years ending on or before December 31, 2026, with excess credits eligible to be carried forward for up to 5 years