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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

StateIllinois
Effected JurisdictionIllinois
Jurisdiction type: State
Fiscal year ending In2018
Program nameAngel Investment Credit Program
Program purpose: Job Creation/Retention
Statutory authority: 35 ILCS 5
Abating jurisdiction(s): State of Illinois
Applicable taxesCorporate or Individual Income Tax
Method of abatement: Tax Credit
Provisions for recapture: If, during the three-year period, the qualified new business venture is moved from the State or otherwise ceased, the State can recapture the abated tax requiring the taxpayer to repay the full value of the credit previously claimed.
Gross revenue loss: $7,500,000
Reimbursement / offset: $0
Net revenue loss: $7,500,000
Type of loss: Active
Additional notes on dislosure(none)
Document sourcehttp://www.auditor.illinois.gov/audit-reports/Comptroller-Internal-Contr...