Sen. Dan Kotowski
Filed: 3/1/2010
 
 

 




 

 		












09600SB3710sam002

LRB096 20776 HLH 37909 a






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AMENDMENT TO SENATE BILL 3710 




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    AMENDMENT NO. ______. Amend Senate Bill 3710, AS AMENDED, 
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with reference to page and line numbers of Senate Amendment No. 
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1, on page 4, by replacing lines 11 through 14 with the 
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following:

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"Revenue, shall adopt rules to administer this Section.  The 
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rules shall limit the aggregate amount of the"; and
 
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by replacing everything from line 26 on page 4 through line 3 
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on page 5 with the following:
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"from the Department and the Department of Revenue and the 
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Department then notifies the investment fund manager of the 
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transfer.  The Department may charge any person selling or"; and
 
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on page 9, line 2, by replacing "$1,000,000" with "$2,000,000"; 
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and

 
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on page 9, immediately below line 6, by inserting the 
 


 






09600SB3710sam002
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following:
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    "(g)  The Department, in consultation with the Department of 
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Revenue, shall adopt rules to administer this Section. The 
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rules shall further define "bona fide angel investment" for 
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purposes of this Section. The rules shall limit the aggregate 
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amount of the tax credits that may be claimed under this 
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Section for investments made in qualified new business ventures 
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at $10,000,000 per calendar year.
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    (h)  A claimant may sell or otherwise transfer a credit 
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awarded under this Section  to another person who is subject to 
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the taxes or fees imposed under subsections (a) or (b) of 
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Section 201, if the transferee receives prior authorization 
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from the Department and the Department of Revenue.  The 
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Department may charge any person selling or otherwise 
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transferring a credit under this subsection a fee equal to 1% 
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of the credit amount sold or transferred."; and
 
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on page 9, line 7, by replacing "(g)" with "(i)".