National group recognizes senator for his leadership

PARK RIDGE, Ill. – State Sen. Dan Kotowski was honored with the National Coalition for Capital’s “Champion of Small Business” award at a ceremony held in Louisville, Ky. on Tuesday.   

The Washington, DC-based NCFC is a non-profit, nationwide coalition of leaders supporting economic development and job creation through long-term access to capital for small businesses and entrepreneurs. 

"Sen. Kotowski's leadership on behalf of small businesses this year and his past support of policies that increase investment in emerging businesses made him an easy choice for this award," said Ben Dupuy, Executive Director of the NCFC.  "The small and emerging businesses of Illinois are fortunate to have a legislator like Sen. Kotowski representing their interests in Springfield." 

Sen. Kotowski was specifically recognized for his role in securing passage of job-creating measures, such as the Angel Investment Tax Credit and the New Markets Tax Credit.  The Angel Investment Tax Credit encourages investment into innovative Illinois businesses that are working to get off the ground. Under the new law, investors may claim 25 percent of an investment into a qualified Illinois business venture - up to $2 million in investment for a $500,000 credit. The program is capped at $10 million in tax credits, which will drive $40 million in investment. 

The expansion of the New Markets Tax Credit doubles the cap on the existing program - from $10 million to $20 million. The program provides tax credits for new investment into small businesses in low-income communities. The increased cap could generate $125 million in private investment into Illinois businesses. Illinois began its New Markets Tax Credit last year and exhausted the $10 million cap within six months. 

“I’m grateful for the work the NCFC does on behalf of small businesses, and I’m honored to receive this award,” said Sen. Kotowski, D-Park Ridge.  “Every small business needs investment to grow into the strong employers that make communities thrive.  I look forward to continuing to work with other small business advocates in Springfield to bring more jobs and economic vibrancy to Illinois.” 

Sen. Kotowski was also the chief sponsor of the Research and Development Tax Credit Act which was signed into law last month. The Illinois R&D Credit provides a 6.5 percent credit on qualified research and development costs. The tax credit will help foster economic growth and innovation by providing Illinois companies with an incentive to increase their research activities in the state. 

Sen. Kotowski has been a leading advocate for small businesses since he began serving in the Illinois Senate in 2007.  He serves as Chairman of the Commerce Committee and Vice Chairman of the Financial Institutions Committee. 

The Research and Development Tax Credit Act was SB3655.  The Angel Investment Tax Credit and New Markets Tax Credit were passed as SB2093.