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Illinois Approves Tax Credits for Angel Investments

Illinois Governor Pat Quinn has signed legislation to approve a new tax credit to encourage angel investment, Innovation Daily reports. The Innovation Development and Economy Act permits qualifying angel and early-stage institutional investors to receive a 25 percent tax credit on investments in small tech companies. Investors can claim up to $2 million on a single investment for a $500,000 tax credit starting in 2011.

The Illinois General Assembly unanimously passed the legislation, which also extends the state's research and development tax credit for another year. The legislation, titled SB 3655, permits tax credits of 6.5 percent of qualifying expenditures for in-state R&D.

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