Bill offering tax credits to boost biotech startups clears Illinois Legislature

Illinois lawmakers have passed a bill that provides tax credits to investors in startups, a measure aimed at nurturing budding companies in the state’s technology and biomedical sectors.

The bill, passed by the state Senate late Thursday, would take effect Jan. 1. It grants a 25% state tax credit to investors in early-stage tech firms.

For example, an investor who sinks $100,000 into a tech startup would receive a $25,000 credit on his or her state taxes the following year. If the credit exceeds the investor’s tax liability for that year, it can be carried over to later years.

By: Mike Colias

Full Story: http://www.chicagobusiness.com/cgi-bin/news.pl?id=38401&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ChicagobusinesscomBreakingNews+%28ChicagoBusiness.com+Breaking+News%29