IVCA Provides Updates for State and Federal Legislative Issues - 09.13.17 |
IVCA Provides Updates for State and Federal Legislative IssuesUPDATE provided by Stricklin & Associates on September 13, 2017: General Assembly to meet this fall for Veto SessionThe Illinois General Assembly will return to the Capitol for Veto Session on October 24, 25 and 26 and November 7,8 and 9.
K-12 education funding / scholarship tax credit Illinois has a new approach to education funding after literally decades of debate and discussion as the legislative leaders and Governor Rauner came to agreement at the end of August on landmark changes to the Illinois K-12 funding formula, including a key provision of a tax credit for scholarships at private schools. Funding Districts*
TAX CREDIT FOR SCHOLARSHIP DONATIONS A tax credit would be created to incentivize donations for private school scholarships.
Angel Tax Credit renewed SB 2012 was approved unanimously and signed by the governor to extend the Angel Tax Credit in Illinois. Several important changes were made in Senate Amendment #1 to SB 2012: (1) provides that the credit applies for taxable years ending on or before December 31, 2021 (currently, December 31, 2016); (2) defines "investment" as money (or its equivalent) given to a qualified new business venture, at a risk of loss, in consideration for an equity interest of the qualified new business venture; (3) provides that the Department of Commerce and Economic Opportunity may adopt rules to permit certain forms of contingent equity investments to be considered eligible for a tax credit under the program; (4) provides that the minimum amount an applicant must invest in any single qualified new business venture is $10,000; (5) provides that qualified business ventures must maintain a minimum employment threshold in the State through the date which is 3 years from the issue date of the last tax credit certificate issued with respect to that business; (6) provides that, of the aggregate amount of credits that may be awarded under the program, a certain amount shall be reserved for investments made in minority owned businesses, female owned businesses, or businesses owned by a person with a disability; (7) The aggregate amount of tax credits available in a calendar year remains $10M,
(8) makes changes concerning applications for qualified business ventures. Take this job and …. |