Fabio
116 lines
8.7 KiB
Markdown
116 lines
8.7 KiB
Markdown
---
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type: "Bill"
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title: "INC TAX-VENTURE CAPITAL CREDIT"
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description: "Amends the Illinois Income Tax Act. Provides that, for 5 taxable years, each taxpayer is entitled to an income tax credit for an investment in a qualified venture capital fund in Illinois. Provides that (i) the fund must have its primary office in Illinois (ii) at least 50% of the total number of investments in the fund's portfolio must be in companies that are based in Illinois. The amount of the credit is based on several factors: economic need of the region in Illinois where the investment occurs, the population of the county in Illinois where the investment occurs, whether the company invested in is an Illinois company that is minority or women owned, and whether the investment is a seed-level investment in an Illinois company. The taxpayer may receive a credit in the amount of 10% of the taxpayer's investment if the investment meets one of the factors and 20% if the investment meets more than one of the factors. But the taxpayer is not eligible for the credit until the fund makes an investment in Illinois. Provides that the tax credit may not reduce the taxpayer's liability to less than zero, but may be carried forward for 5 years. Effective immediately."
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jurisdiction: "us/states/il"
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legislature: "Illinois General Assembly"
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session: "96th"
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identifier: "SB 256"
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citation: "Illinois SB 256 (96th)"
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classification: ["bill"]
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subjects: []
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status: "enacted"
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primary_sponsors: []
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version_count: 3
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action_count: 54
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vote_count: 4
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first_action: "2009-02-04"
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last_action: "2009-07-31"
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source: "openstates"
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source_identifier: "ocd-bill/ae5f7847-78c0-4812-9adc-8ff3e788ffaa"
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source_url: "http://ilga.gov/legislation/BillStatus.asp?DocNum=256&GAID=10&DocTypeID=SB&LegId=40911&SessionID=76&GA=96"
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source_hash: "874179d95d395665108c02847b941a2c7f431d935ecd09d359fe9f4a5c5d0ced"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-il"]
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---
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# Illinois SB 256 (96th) — INC TAX-VENTURE CAPITAL CREDIT
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Amends the Illinois Income Tax Act. Provides that, for 5 taxable years, each taxpayer is entitled to an income tax credit for an investment in a qualified venture capital fund in Illinois. Provides that (i) the fund must have its primary office in Illinois (ii) at least 50% of the total number of investments in the fund's portfolio must be in companies that are based in Illinois. The amount of the credit is based on several factors: economic need of the region in Illinois where the investment occurs, the population of the county in Illinois where the investment occurs, whether the company invested in is an Illinois company that is minority or women owned, and whether the investment is a seed-level investment in an Illinois company. The taxpayer may receive a credit in the amount of 10% of the taxpayer's investment if the investment meets one of the factors and 20% if the investment meets more than one of the factors. But the taxpayer is not eligible for the credit until the fund makes an investment in Illinois. Provides that the tax credit may not reduce the taxpayer's liability to less than zero, but may be carried forward for 5 years. Effective immediately.
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **Introduced** (filed) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09600SB0256&GA=96&SessionId=76&DocTypeId=SB&LegID=40911&DocNum=256&GAID=10&Session=&print=true)
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2. **Engrossed** (committee substitute) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09600SB0256eng&GA=96&SessionId=76&DocTypeId=SB&LegID=40911&DocNum=256&GAID=10&Session=&print=true)
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3. **Enrolled** (enrolled) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09600SB0256enr&GA=96&SessionId=76&DocTypeId=SB&LegID=40911&DocNum=256&GAID=10&Session=&print=true)
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## Votes
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- Concurrence, Amendment 2 — **56–0** (pass) · upper
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- Third Reading — **118–0** (pass) · lower
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- Concurrence — **56–0** (pass) · upper
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- Third Reading — **50–0** (pass) · upper
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## Sponsors
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- Michael Noland — primary (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2009-02-04** Filed with Secretary by Sen. Michael Noland `filing`
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- **2009-02-04** First Reading `reading-1`
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- **2009-02-04** Referred to Assignments `referral-committee`
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- **2009-02-10** Assigned to Commerce `referral-committee`
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- **2009-03-12** Do Pass Commerce; 007-000-000 `committee-passage`
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- **2009-03-12** Placed on Calendar Order of 2nd Reading March 17, 2009
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- **2009-03-24** Second Reading `reading-2`
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- **2009-03-24** Placed on Calendar Order of 3rd Reading March 25, 2009
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- **2009-04-02** Added as Chief Co-Sponsor Sen. Kwame Raoul
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- **2009-04-03** Rule 2-10 Third Reading Deadline Established As April 30, 2009 `reading-3`
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- **2009-04-30** Added as Chief Co-Sponsor Sen. Dan Kotowski
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- **2009-04-30** Third Reading - Passed; 050-000-000 `reading-3, passage`
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- **2009-04-30** Arrived in House `introduction`
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- **2009-04-30** Placed on Calendar Order of First Reading `reading-1`
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- **2009-05-01** Chief House Sponsor Rep. Mark L. Walker
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- **2009-05-05** First Reading `reading-1`
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- **2009-05-05** Referred to Rules Committee `referral-committee`
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- **2009-05-11** Committee/Final Action Deadline Extended-9(b) May 22, 2009
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- **2009-05-11** Assigned to Revenue & Finance Committee `referral-committee`
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- **2009-05-22** Final Action Deadline Extended-9(b) May 29, 2009
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- **2009-05-26** Motion Filed to Suspend Rule 25 Revenue & Finance Committee; Rep. Barbara Flynn Currie
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- **2009-05-26** Motion to Suspend Rule 25 - Prevailed by Voice Vote
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- **2009-05-27** House Committee Amendment No. 1 Filed with Clerk by Revenue & Finance Committee `amendment-introduction`
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- **2009-05-27** House Committee Amendment No. 1 Adopted in Revenue & Finance Committee; by Voice Vote `amendment-passage`
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- **2009-05-27** Do Pass as Amended / Short Debate Revenue & Finance Committee; 009-000-000 `committee-passage`
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- **2009-05-27** Placed on Calendar 2nd Reading - Short Debate
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- **2009-05-27** Second Reading - Short Debate `reading-2`
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- **2009-05-27** Held on Calendar Order of Second Reading - Short Debate `reading-2`
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- **2009-05-29** Final Action Deadline Extended-9(b) May 31, 2009
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- **2009-05-30** House Floor Amendment No. 2 Filed with Clerk by Rep. Barbara Flynn Currie `amendment-introduction`
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- **2009-05-30** House Floor Amendment No. 2 Referred to Rules Committee `referral-committee`
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- **2009-05-30** House Floor Amendment No. 2 Rules Refers to Revenue & Finance Committee
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- **2009-05-31** House Floor Amendment No. 2 Recommends Be Adopted Revenue & Finance Committee; 013-000-000 `committee-passage-favorable`
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- **2009-05-31** House Floor Amendment No. 2 Adopted by Voice Vote `amendment-passage`
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- **2009-05-31** Placed on Calendar Order of 3rd Reading - Short Debate
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- **2009-05-31** Third Reading - Short Debate - Passed 118-000-000 `reading-3, passage`
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- **2009-05-31** Secretary's Desk - Concurrence House Amendment(s) 1, 2
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- **2009-05-31** Placed on Calendar Order of Concurrence House Amendment(s) 1, 2 - May 31, 2009
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- **2009-05-31** House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Michael Noland `filing`
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- **2009-05-31** House Committee Amendment No. 1 Motion to Concur Referred to Assignments `referral-committee`
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- **2009-05-31** House Floor Amendment No. 2 Motion to Concur Filed with Secretary Sen. Michael Noland `filing`
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- **2009-05-31** House Floor Amendment No. 2 Motion to Concur Referred to Assignments `referral-committee`
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- **2009-06-30** House Committee Amendment No. 1 Motion to Concur Assignments Referred to Executive `referral-committee`
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- **2009-06-30** House Floor Amendment No. 2 Motion to Concur Assignments Referred to Executive `referral-committee`
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- **2009-06-30** House Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Executive; 012-000-000
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- **2009-06-30** House Floor Amendment No. 2 Motion To Concur Recommended Do Adopt Executive; 012-000-000
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- **2009-06-30** 3/5 Vote Required
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- **2009-06-30** House Committee Amendment No. 1 Senate Concurs 056-000-000
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- **2009-06-30** House Floor Amendment No. 2 Senate Concurs 056-000-000
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- **2009-06-30** Passed Both Houses
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- **2009-07-29** Sent to the Governor `executive-receipt`
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- **2009-07-31** Governor Approved `executive-signature`
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- **2009-07-31** Effective Date July 31, 2009
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- **2009-07-31** Public Act . . . . . . . . . 96-0115 `became-law`
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## Source
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OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/ae5f7847-78c0-4812-9adc-8ff3e788ffaa`. Confidence: reported (aggregated from official Illinois legislature records).
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