IL SB3155

Provides an Illinois income tax credit equal to 25% of angel investments in qualified new business ventures, or 35% for investments in minority-owned, women-owned, disability-owned businesses, or ventures in counties with populations of 250,000 or fewer.

Requires minimum investment of $10,000 per venture and caps the maximum creditable investment per venture at $2,000,000; investments must be held for at least 3 years or credits must be repaid.

Limits aggregate annual tax credits to $10,000,000 before January 1, 2024, and $15,000,000 on or after January 1, 2024, with reserved allocations for disadvantaged and rural business categories.

Qualifies businesses that have been operating for 10 years or less, have fewer than 100 employees, are engaged in innovation or pre-commercialization of proprietary technology, and have received less than $10,000,000 in aggregate investments.

Exempts a 3-year reporting period from March 13, 2020 to January 1, 2024 from employment threshold repayment requirements, with discretionary repayment determination by the Department for credits issued during that period.