Illinois Expands New Markets Tax Credit Program, Creates New Angel Credit

By Caitlin Jones
August 16, 2010 1 min read

Tax Credit Advisor, August 2010: On June 24, Illinois Gov. Pat Quinn signed into law a bill (S.B. 2093) increasing the size of the state’s new market tax credit program, and establishing a new economic development credit.

The act doubles the annual cap on the amount of state NMTCs that can be awarded to $20 million, an increase estimated to generate an additional $125 million in private investment in Illinois businesses. The state program, begun in 2009, exhausted the previous cap of $10 million in six months. Illinois’ NMTC program provides tax credits for new investments in small businesses in low-income communities.

The law also creates a new angel investment tax credit, designed to help innovative new business get off the ground. An investor can claim a tax credit equal to 25% of their investment in a qualified business venture, up to a credit cap of $500,000. The program has a $10 million annual volume cap.

Leveraging NMTC and GGRF

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Increasingly, climate solutions are central to preserving and creating wealth and well-being in communities across the country.

What Can Be Done About Insurance?

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Pamela Martineau • September 1, 2024 6 min read

Meet with your underwriter in person, provide as much data as possible on relevant inspections and offer photos of improvements you’ve made to affordable housing properties. These were just a few of the tips offered at the National Housing & Rehabilitation Association’s Summer Institute Panel: “What Can Be Done About Insurance?”

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For most organizations, radical shifts in market strategy and company makeup generally come after crises. For Rainbow Housing Assistance Corporation (Rainbow), that radical shift came not as a result of significant challenges, but as a way to leverage successful internal practices to better serve the affordable housing industry.