Amends the Illinois Income Tax Act. Makes the following changes with respect to the angel investment credit: (1) provides that the credit applies for taxable years ending on or before December 31, 2021 (currently, December 31, 2016); (2) increases the maximum aggregate amount of the angel investment credit from $10,000,000 to $20,000,000; (3) defines "investment" as equity, Simple Agreement for Future Equity (SAFE) Agreements, and convertible notes; (4) provides that each qualified new business venture must renew its registration on an annual basis; (5) provides that, for taxable years ending on or after December 31, 2017, applicants for the credit must make a minimum investment of $10,000 in a qualified new business venture (currently, there is no minimum investment requirement); (6) provides that the maximum amount of an applicant's total investment made directly in any single qualified new business venture that may be used as the basis for a credit under this Section is $2,000,000 (currently, that is the maximum for each investment made in a qualified new business venture); (7) contains recapture provisions; and (8) contains provisions concerning investments in minority-owned businesses, female-owned businesses, or businesses owned by a person with a disability. Effective immediately.
Sponsored bills
Amends the Illinois Income Tax Act and the Illinois Insurance Code. Provides that all or a portion of the income tax credit awarded for the restoration and preservation of a qualified historic structure located in a River Edge Redevelopment Zone may instead be taken as a credit against privilege and retaliatory taxes paid under the Illinois Insurance Code. Provides that the Historic Preservation Agency may issue a certification to the taxpayer stating that, if the project is completed as proposed, the project will qualify for the credits. Contains provisions concerning transfers of credits. Provides that the credit may be carried forward. Provides that the credit shall be based on qualified expenditures incurred by a qualified taxpayer (currently, qualified expenditures incurred by a qualified taxpayer during the taxable year). Provides that the qualified expenditures must exceed the adjusted basis of the qualified historic structure on the first day the qualified rehabilitation plan begins (currently, 50% of the purchase price of the property). Provides that the rehabilitation must be approved by the Historic Preservation Agency and the National Park Service (currently, the Historic Preservation Agency only). Provides that the credit sunsets on December 31, 2021 (currently, December 31, 2017). Effective immediately.
Recognizes the 50th anniversary of the Sugar Grove Corn Boil.
Amends the Criminal Code of 2012. Provides that when the victim is under 18 years of age at the time of the offense, a prosecution for criminal sexual assault, aggravated criminal sexual assault, predatory criminal sexual assault of a child, aggravated criminal sexual abuse, or criminal sexual abuse may be commenced at any time regardless as to whether corroborating physical evidence is available or an individual who is required to report an alleged or suspected commission of any of these offenses under the Abused and Neglected Child Reporting Act fails to do so. Makes conforming changes. Effective immediately.
Amends the State Officials and Employees Ethics Act. Provides that the Executive Ethics Commission may (rather than shall) appoint procurement compliance monitors. Amends the Illinois Procurement Code. Exempts certain contracts from the Code. Requires certain contracts concerning trade shows to be published in the Illinois Procurement Bulletin. Exempts certain processes used by the Illinois Student Assistance Commission. Re-enacts and makes changes to provisions concerning higher education and artistic and musical services procurement. Requires all State agencies to respond promptly in writing to the Procurement Policy Board. Provides that State purchasing officers owe a fiduciary duty to the State. Removes various duties of the procurement compliance monitors. Makes changes to provisions concerning multiple awards and bidding processes. Allows for the use of a pool of competitively-selected vendors. Creates certain provisions concerning best value procurement. Allows departments and institutions to purchase and equip off-road construction equipment utilizing the best value procurement process. Increases the limit of small purchases from $10,000 to $100,000. Allows a chief procurement officer to provide a bidder or offeror 5 days to comply with certain provisions of the Code concerning certification and registration with the State Board of Elections. Makes changes to provisions concerning prohibited bidders and reporting. Repeals provisions of the Code concerning exceptions to the Code and procurement communications reporting requirements. Makes other changes. Amends the Small Business Contracts Act, Governmental Joint Purchasing Act, and Illinois Human Rights Act to make other changes. Effective July 1, 2017, but this Act does not take effect at all unless Senate Bills 1, 2, 3, 4, 5, 6, 7, 9, 10, 11, 12, and 13 of the 100th General Assembly become law.
Creates the Statewide Task Force on Developing Opportunities for Youth and Young Adults Who Are Jobless and Out-of-School in order to examine and develop programs to address the growing numbers of out-of-school and jobless youth in Illinois, including those without a high school diploma, who are neither working nor in school, and low-attending jobless high school students.
Congratulates the Village of Sugar Grove on the 50th annual Corn Boil.
Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act to extend the Manufacturing Machinery and Equipment Exemption to production related tangible personal property. Provides that the term "production related tangible personal property" includes certain supplies and consumables used in a manufacturing facility. Effective immediately.
Amends the Firearm Concealed Carry Act. Provides that the regulation, licensing, possession, registration, and transportation of components and accessories for handguns by concealed carry licensees are exclusive powers and functions of the State. Provides that any ordinance or regulation, or portion thereof, enacted on or before the effective date of the amendatory Act that purports to impose regulations or restrictions on components and accessories for handguns in a manner inconsistent with the Act shall be invalid in its application to licensees under the Act on the effective date of the amendatory Act. Effective immediately.
Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Provides that 3 years after a redevelopment project area is established, the portion of taxes levied by a fire protection district located in the redevelopment project area shall be allocated and paid to the fire protection district in the manner required by law in the absence of the adoption of tax increment allocation financing.