Resolved Issues

Illinois Sudan Divestment Legislation

The IVCA and its members worked for over two years to resolve the unintended consequences of Illinois Public Act 94-0079, enacted in 2005, which severely restricted under-funded pensions’ ability to invest in venture capital and private equity. In February 2007 through litigation brought by the National Foreign Trade Council the state was permanently enjoined from enforcing this law.

New Sudan divestment legislation (S.B. 1169) was approved by the General Assembly in May 2007 and was signed by the Governor in August 2007 (Public Act 095-0521). The IVCA believes the new legislation is significantly improved over the 2005 Act and should provide a workable compliance system for pension funds and private equity/venture capital firms that will achieve the intent of the legislation while eliminating negative unintended consequences.

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Iran Divestiture Legislation

Legislation affecting the investment of public funds in "scrutinized entities" in Iran was enacted into law in September 2007.

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Gross Receipts Tax

IVCA is opposed to this tax. It makes Illinois' VC/Private Equity firms less competitive and harms early-stage companies that have little or no profit. It also harms mature companies that will experience the pyramiding effect of paying higher prices due to taxs on each component it requires to finish its product or service.

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Personal Property Replacement Tax

Resolving of problem with the Personal Property Replacement Tax (PPRT), which created unfair costs for LPs investing in Illinois funds

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Freedom of Information Act

Clarifying the Freedom of Information Act (FOIA), to explain the requirements for private companies receiving investments from public pension funds

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