HB 4293

IVCA Member Alert!

UPDATE 1/24/2018

"PRIVILEGE TAX" RE-INTRODUCED

Targets on capital gains earned by investment managers.

On Friday January 19, 2018, Rep. Chris Welch introduced HB 4293, the House version of Senator Daniel Biss’ 20% “privilege tax” on the capital gains income earned by investment managers. As you know, this bill has already passed the Illinois Senate as SB1719.  We were successful last year in defeating HB 3393.

Please engage your House Representative on this existential issue for our industry in Illinois and ask him/her to actively oppose this industry-killing measure.   Illinois cannot afford to be the least attractive State in the Union for investment managers. 

Members should explain this bill would:

  • Destroy high-paying tech job growth in our state
  • Drive high net worth tax payers out of the state
  • Reverse the progress Illinois has made growing a vibrant technology economy
  • Restrict capital opportunities for Illinois growth companies.
  • Make Illinois an outlier on how Investment Managers are taxed relative to EVERY other state in the Union

Please, take action on this issue!  We know that constituents have the strongest opportunity to influence Representatives.

Don't know who your legislators are?  Check here

Find contact info for your legislators here.  Sample email, click here updated 1/24/18.

Supporting documentation for your email:

Crain’s IVCA Op Ed

WSJ Illinois Policy Institute Op Ed

Crain’s “Best Cities for Monster Returns

”Barron’s “A Simple Tale of Carried Interest”

Pitchbook's 2017 Venture Ecosystem FactBook: Chicago