IVCA Provides Updates for State Legislative Issues – 3/19/2025

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, March 19, 2025

IVCA BILL ADVANCES
HB 1396 advanced out of the House Revenue Committee and is now poised to be considered on the floor of the Illinois House of Representatives. The bill was approved unanimously by the committee and enjoys strong bipartisan support. Specific credit must be given to the Sponsor, Chairman Curtis Tarver, and cosponsors Rep. Margaret Croke, Rep. Dan Didech, and Rep. Joe Sosnowski, who is the Republican leader on the Revenue Committee. The bill as you will remember is to address a ruling by the Illinois Department of Revenue which denied a tax credit for taxes paid in other states to certain Illinois taxpayers. This was an unintended result of our legislation from 2023 to update the definition of an Investment Partnership.

SB 145 is the companion of HB 1396. The language is identical. SB 145 is being heard this afternoon in the Senate Revenue Committee under a “subject matter” hearing which means no votes will be taken, however, if and when it comes time for a vote the subject has already been discussed and the committee can move to a vote. In the Senate the IVCA has an extremely capable sponsor in Sen. Bill Cunningham.

DEADLINE WEEK
The Illinois General Assembly is on deadline week which means run of the mill bills which don’t get out of committee by Friday are unlikely to advance this legislative session. After this week we will have a better idea of which issues have staying power and which will wait for next session.
For example:

• Center Square | Gambling insider says Illinois’ internet gambling legislation likely doomed: The Illinois Gaming Machine Operators Association is opposed to the idea, and Christopher Altruda, a writer and contributor to CasinoReports.com, said he is not surprised the Illinois Gaming Board is not on board as well. “Taking on an expanded vertical like this as you’re still settling the expansion of what you had for brick-and-mortar casinos and online sports betting, it’s a very tall ask of this state agency,” said Altruda.