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.

Breaking Ground

Jennifer Leimaile Ho, Minnesota Housing Commissioner and Incoming Chair of National Council of State Housing Agencies

Pamela Martineau • December 1, 2024 10 min read

Earlier this fall, Jennifer Leimaile Ho was elected chair of the National Council of State Housing Agencies’ (NCSHA) 2025 Board of Directors. Ho is the Commissioner of Minnesota Housing, having been appointed by Governor Tim Walz in January 2019 and reappointed in 2023.

“Business as Usual”

Leaders in Equity Express Optimism Despite an Uncertain Future

Abram Mamet • December 1, 2024 9 min read

Any outside observer may assume some unease amongst the low-income housing industry. Buffeted on the one hand by residual stressors from the COVID-19 pandemic and on the other by the uncertain prospects of an incoming federal administration keen on cutting spending and shrinking government programs, the affordable housing landscape is experiencing an inflection point.

NCSHA Recognizes Stand-Out Affordable Housing Programs and Initiatives

Pamela Martineau • December 1, 2024 7 min read

This fall, the National Council of State Housing Agencies (NCSHA) recognized 17 programs offered by state housing finance agencies across the nation that creatively developed tools to tackle their communities’ affordable housing challenges.