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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.

Effected JurisdictionIllinois
Jurisdiction type: State
Fiscal year ending In2022
Program nameAngel Investment Tax Credits
Program purpose: Capital investment
Statutory authority: Section 220 of the Illinois Income Tax Act (35 ILCS 5)
Abating jurisdiction(s): State of Illinois
Applicable taxesIncome 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: $8,200,000
Reimbursement / offset: $0
Net revenue loss: $8,200,000
Type of loss: Active
Additional notes on dislosureReduced amounts shared with local governments by $453 thousand
Document sourcehttps://illinoiscomptroller.gov/__media/sites/comptroller/ACFR%20Final%2...