5 Laws Effective January 1
Angel Investment Credit (SB 2012/PA 100-0328): Provides an extension for the angel investment credit until Dec. 31, 2021. Makes several changes to the credit, including creating a minimum investment threshold, changing reporting requirements, earmarking amounts to be awarded to female, minority, persons with a disability-owned business, or businesses located in smaller counties. Angel investment tax credits are given in the amount of 25 percent of the claimant’s investment directly in a qualified new business venture, and both the claimant and the business venture must be registered and/or approved by the Department of Commerce and Economic Opportunity.
Small Business Grant Program (HB 736/PA 100-0347): Provides for the Department of Commerce and Economic Opportunity to establish a small business grant program for public aid recipients who are interested in developing a new start-up business.
Film Production and Live Theatre Tax Credit (SB 852/PA 100-0415): Extends the Film Production and Live Theater tax credit programs until Jan. 1, 2022.
Chicago Metropolitan Agency for Planning (CMAP) Transparency (HB 2538/PA 100-0479): Requires the Board of the Chicago Metropolitan Agency for Planning to broadcast video of their meetings on their website using a high-speed Internet connection. Recordings of each meeting broadcast will also be posted to their website.
Guaranteed Subcontractor Pay on State Contracts (HB 2664/PA 100-376): Provides that when a contractor receives any payment under a contract with the State, the contractor shall pay each subcontractor and material supplier and each subcontractor and material supplier shall make payment to its own respective subcontractors and material suppliers. Provides that for construction contracts with IDOT, the contractor, subcontractor, or material supplier, regardless of tier, shall not offset, decrease, or diminish payments that are due to its subcontractors or material suppliers without reasonable cause. Requires a contractor who refuses to make a prompt payment to make a written notice and provides requirements for administrative hearings.
Tax Credit Updates
House Bill 162 has now passed both chambers after approval by the Senate on August 13, 2017, and was headed to the Governor with indications that the Governor will sign the bill into law. It is also expected that the Governor will request further negotiations regarding the transferability of credits.
2017 Rules & Regulations
Various updates and additions were made that impact economic development in 2017 – from Taxes & Incentives, to Business & Regional Development Programs, to Workers’ Compensation.
Click here for the full listing.
Filing an Electronic Witness Slip
Please follow the directions below to file an electronic witness slip on any legislation that IEDA is calling for member action.
- Go to: http://www.ilga.gov/
- Click on the red GA Dashboard
- Click on House or Senate; Committee Hearing; Week.
- Complete the witness slip.