How is the Illinois Intrastate Crowdfunding Exemption different from Title III of the JOBS Act?

Last Updated: Dec 30, 2015 09:04PM CST
Illinois Intrastate Crowdfunding Exemption allows any Illinois investor to invest up to $5,000 in any company/startup and Illinois entrepreneurs to raise up to $2 million per year through Illinois crowdfunding portals, and $4 million per year if issuer provides independently reviewed and officer certified financial statements from the general public Illinois investors. All investors and entrepreneurs will be required to provide identity verification to prove they are Illinois residents before participating in any equity crowdfunding activities.
 
Title III of the JOBS Act is a federal law that will permit U.S. entrepreneurs to raise up to $1 million per year from the general public, including investors that do not qualify as accredited investors. This means Title III crowdfunding will permit almost everyone to invest. The JOBS Act applies to any startup based in the U.S. and any investors all over the world. The Illinois Intrastate Crowdfunding Exemption only applies to those who live within Illinois state lines.

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