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
