Investor Presentaiton
Claimant Noncompliance
If Illinois Department of Commerce and Economic Opportunity determines that a claimant who has received tax credits through the
program OR a QNBV that was the recipient of an investment through the program is not in compliance with the requirements of the
program, the claimant shall pay to Illinois Department of Revenue, in the manner prescribed by Illinois Department of Revenue, the
amount of the credit that the claimant received related to the investment.
A claimant may be found in noncompliance if:
•
The claimant does not hold the investment for which the claimant is allowed an Angel Investment Tax Credit Program tax credit
for at least 3 years. This 3 year holding requirement does not apply if the investment is sold as part of a qualifying liquidity event
or if the QNBV ceases operations and the investment no longer has any value
In the case of an investment made in the form of a contingent equity investment, there is no conversion to equity within 3 years
after the investment.
The claimant fails to provide Illinois Department of Commerce and Economic Opportunity or Illinois Department of Revenue with
information and records necessary to verify compliance with the program. This includes, but is not limited to, copies of any
investment agreement.View entire presentation