IL HB5611

Amends the Illinois Income Tax Act to modify the angel investment tax credit program by adding discretionary repayment authority for the Department of Commerce and Economic Opportunity.

For any 3-year reporting period that includes March 13, 2020 to January 1, 2024, repayment of tax credits for qualified new business ventures that fail to maintain minimum employment thresholds shall be determined at the Department's discretion rather than automatically required.

Maintains existing angel investment credit provisions allowing investors a 25% credit (or 35% for minority-owned, women-owned, disability-owned businesses, or businesses in counties with populations under 250,000) on direct investments of $10,000 to $2,000,000 in qualified new business ventures.

Preserves existing requirements that qualified new business ventures maintain minimum employment thresholds for 3 years from the last tax credit certificate issuance and that investors hold investments for at least 3 years to avoid credit repayment.

Takes effect immediately upon enactment.