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IVCA's Current Legislative Issues
Illinois Pension Ethics Reform
Illinois pension ethics reform legislation quickly moved through the General Assembly the last few days of March 2009 and was signed by the Governor within 24 hours. Public Act 96-0006 provides significant reforms to how Illinois pension funds select investment consultants and advisors among other provisions. IVCA is generally supportive of the new law but is concerned about one key provision affecting fund-of-funds…read more..
Second Illinois Technology Development Account Proposed with the potential for $100-$150 million in new venture capital investments
Building on the success of the Illinois Technology Development Account (TDA I), established by legislation in 2003, new legislation has been introduced to create a second fund (TDA II).
If approved by the Legislature, this fund will provide much-needed venture capital to the high technology sector in Illinois by:
- Allowing up to 2% of the Treasurer’s investment portfolio to be invested in venture capital funds (up from 1% in TDA I); and
- Establishing a new public/private partnership with capital from private institutional investors being invested side-by-side with the Treasurer’s capital.
A strong supporter of TDA I, IVCA endorses TDA II and is actively working to help enact authorizing legislation.
Illinois 2009 PPRT Increase and Repeal and possible changes in 2010
On July 15 2009, the General Assembly and the Governor signed a bill that would among many other provisions repeal the ability of a partnership or LLC filing a tax return in Illinois from deducting reasonable compensation paid to partners for services in computing the PPRT (Personal Property Replacement Tax), unless that amount is actually paid out as a guaranteed payment for services.
Following intense opposition from the business community, the General Assembly repealed the PPRT change during the veto session in October and the Governor signed the bill into law on December 16th.
During the 2010 spring legislative session, the General Assembly was reportedly reconsidering changing the partnership income deduction under PPRT. However, no action was taken.
For more information... click here
On July 15 2009, the General Assembly and the Governor signed a bill that would among many other provisions repeal the ability of a partnership or LLC filing a tax return in Illinois from deducting reasonable compensation paid to partners for services in computing the PPRT (Personal Property Replacement Tax), unless that amount is actually paid out as a guaranteed payment for services.
Following intense opposition from the business community, the General Assembly repealed the PPRT change during the veto session in October and the Governor signed the bill into law on December 16th.
During the 2010 spring legislative session, the General Assembly was reportedly reconsidering changing the partnership income deduction under PPRT. However, no action was taken.
For more information... click here
