An email blast from IL DCEO’s Rob Kerr informed us that there is still $2.4 million worth of Angel Tax Credits left in 2018. The incentive program for investors in startups began the year with $10 million of credits available. Peoria investors can leverage this opportunity in more than one way.
First is the straight-forward way – angels can apply for a tax credit equal to 25% of the investment made.
Second is the lesser known fact that all five counties in Greater Peoria – Logan, Mason, Peoria, Tazewell, Woodford – qualify as rural counties (fewer than 250,000 residents). The Angel Tax Credit program has a provision that sets aside some of the $10 million allotment for companies in rural counties.
Only investments in Qualified New Business Ventures are eligible for the credit. So, startups who wish to take advantage of the opportunity to sweeten the deal for their angels should visit the IL DCEO website to apply to become a QNBV.