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What our members have to say...
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"I registered on Australian Investment Network for funding for my business and I've already had two replies in 24 hours. Thank you for creating this opportunity."
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Angie Cleone - eventbuddies.com.au |
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Illinois Angel Investment Tax Credit Program
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The state of Illinois has put in place a program that gives businesses and individuals a tax credit for investing in new business ventures in Illinois. It’s called The Illinois Angel Investment Credit Program. The program is run by the Illinois Department of Commerce and Economic Opportunity.
According to the Illinois Department of Commerce, these tax credits will be in the amount of 25% of their investment (or $2 million), as long as those investments are made to new business ventures in the state.
The credits cannot be more than the taxpayer’s tax liability for the year, but it can be carried over for up to five years past the current tax year.
For new business ventures, in order to qualify for this tax credit, they must: have a business that is innovative; fewer than one hundred employees at the time of program certification; not have been in business in Illinois for more than ten years before certification; have at least 51% of their employees in Illinois; be able to increase jobs and/or capital investments in Illinois; have not had more than $10 million in private equity investment in cash or $4 million in investments that would qualify for this credit; and not have any debt to the Illinois Department of Revenue.
For investors, to qualify for the Angel Investment Tax Credit, they must: be a corporation, partnership, LLC, or individual who intends to invest in a new business venture that qualifies for the tax credit as well; the investment must be kept in the program for at least three years; pay their state taxes to the State of Illinois; prove the investment is valid by providing invoices, cancelled checks, receipts, etc; and not have any debt to the Illinois Department of Revenue.
If a business or individual is interested in becoming an investor and would like to apply, or if a new business venture is interested in qualifying for this tax credit, please visit: http://www.commerce.state.il.us/dceo/bureaus/business_development/tax+assistance/angelinvestment.htm, or email them at angelinvestment@illinois.gov. If you wish, you can also send them a request by mail or call them at the address and numbers below:
Illinois Department of Commerce and Economic Opportunity
Illinois Angel Investment Tax Program
500 East Monroe Street, 4th Floor
Springfield, Illinois 62701
(217) 557-0513 TDD 800-252-2923
Fax: (217) 558-4860
On the website you will find links that give more information about the tax credit, what companies are currently qualified, and the status of tax credit applications. There are also other links for business development, tax assistance and many other services the Illinois Department of Commerce and Economic Opportunity provides.
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