IL SB0304

Increases the angel investment tax credit from 25% to 35% of direct investments made in qualified new business ventures that are minority-owned businesses, women-owned businesses, businesses owned by persons with disabilities, or ventures located in counties with populations not exceeding 250,000.

Raises the aggregate annual tax credit cap from $10,000,000 to $25,000,000 for taxable years beginning on or after January 1, 2024, with separate reservations: $5,000,000 for minority-owned businesses, $2,500,000 for women-owned and disability-owned businesses, and $2,500,000 for rural counties.

Maintains existing program requirements including minimum $10,000 individual investment, maximum $2,000,000 per venture basis, 3-year holding period, and minimum employment thresholds for qualified businesses.

Requires the Department of Commerce and Economic Opportunity to certify investments and businesses, with businesses mandated to report employee counts, capital investments, and liquidity events over a 3-year post-certification period.

Applies to taxable years beginning after December 31, 2010 and ending on or before December 31, 2026.