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.

State: 
Illinois
Reporting Jurisdiction: 
Illinois
Jurisdiction type
State
Fiscal year ending In: 
2019
Program name: 
Angel Investment Credit Program
Program purpose
Capital investment
Statutory authority
Section 220 of the Illinois Income Tax Act (35 ILCS 5)
Abating jurisdiction(s)
State of Illinois
Applicable taxes: 
Income Taxes
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
$5,200,000
Reimbursement / offset
$0
Net revenue loss
$5,200,000
Type of loss
Active
Additional notes on dislosure: 
Reduced amounts shared with local governments by $269 million