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(10) The provisions of this subsection shall apply only with respect to taxable years for which the limitation on individual deductions applies under Section 164(b)(6) of the Internal Revenue Code. (Source: P.A. 103-9, eff. 6-7-23; 103-396, eff. 1-1-24; 103-595, eff. 6-26-24; 103-605, eff. 7-1-24; 104-453, eff. 12-12-25.) (35 ILCS 5/220) Sec. 220. Angel investment credit. (a) As used in this Section: "Applicant" means a corporation, partnership, limited liability company, or a natural person that makes an investment in a qualified new business venture. The term "applicant" does not include (i) a corporation, partnership, limited liability company, or a natural person who has a direct or indirect ownership interest of at least 51% in the profits, capital, or value of the qualified new business venture receiving the investment or (ii) a related member. "Claimant" means an applicant certified by the Department who files a claim for a credit under this Section. "Department" means the Department of Commerce and Economic Opportunity. "Investment" means money (or its equivalent) given to a qualified new business venture, at a risk of loss, in consideration for an equity interest of the qualified new SB3019 Enrolled LRB104 20255 HLH 33706 b Public Act 104-0468