PEORIA — A tax credit that encourages so-called "angel investors" was brought back to life under legislation sponsored by state Sen. Chuck Weaver and signed into law by Gov. Bruce Rauner.
The Peoria Republican's measure restores the credit, which expired at the end of 2016, and writes it into the state tax code through the end of 2021.
It gives investors into early-stage companies the chance to take a credit of 25 percent on an investment of at least $10,000 in small businesses that have to have fewer than 100 employees and, for the most part, be in innovation or technology work.
The measure, Senate Bill 2012, also tweaks other provisions in the credit, including setting aside $500,000 of the $10 million maximum budgeted for credits to go to investors in businesses in rural counties. Another $500,000 is earmarked for businesses led by women, minorities or people with disabilities.
In a news release, Rauner's office credited Lt. Gov. Evelyn Sanguinetti with spearheading the effort to craft a compromise on the credit. Multiple state lawmakers had filed measures seeking, in one way or another, to restore it.
The final legislation passed unanimously in both chambers.
"As we compete in a global job market, it is more important than ever that we grow jobs locally by incentivizing investors to offer opportunities for otherwise unfunded entrepreneurs and startups as our future job creators," Weaver said in a prepared statement.