SB 3654

  • Illinois Senate Bill
  • 96th Regular Session
  • Introduced in Senate Mar 11, 2010
  • Passed Senate Mar 11, 2010
  • House
  • Governor

Emerging Technology Investment

Abstract

Creates the Emerging Technology Industries Act. Requires the Department of Commerce and Economic Opportunity to establish and maintain a program to award grants to emerging-technology enterprises in the State. Sets forth eligibility requirements and funding priorities for awarding the grants, and sets forth procedures for awarding the grants. Requires written contracts in which the emerging-technology enterprise guarantees that it will perform the actions expected to be performed. Sets dollar limits on matching funds for federal Small Business Innovative Research (SBIR) grants and total grant matching funds per year. Limits total income tax credits to $15,000,000 in any one State fiscal year. Amends the State Finance Act to create the Emerging Technology Grant Fund. Amends the Illinois Income Tax Act. Creates an income tax credit for qualified investors who make an investment in an emerging technology enterprise in the State. Provides that the Department of Commerce and Economic Opportunity must certify the amount of the credit and sets forth the procedures for the application and certification of the credit. Sets forth provisions for the revocation and recapture of the tax credit. Contains other provisions. Effective immediately.

Bill Sponsors (4)

Votes


Actions


Jan 12, 2011

Senate

Session Sine Die

Apr 30, 2010

House

Added Alternate Co-Sponsor Rep. Jehan A. Gordon

House

Added Alternate Co-Sponsor Rep. Michael K. Smith

Mar 26, 2010

House

Added Alternate Co-Sponsor Rep. Eddie Washington

Mar 22, 2010

House

Added Alternate Chief Co-Sponsor Rep. Carol A. Sente

Mar 11, 2010

Senate

Added as Co-Sponsor Sen. John M. Sullivan

Senate

Added as Co-Sponsor Sen. Jacqueline Y. Collins

Senate

Added as Co-Sponsor Sen. Terry Link

Senate

Added as Co-Sponsor Sen. Ira I. Silverstein

Senate

Third Reading - Passed; 053-000-001

House

Arrived in House

House

Chief House Sponsor Rep. William B. Black

House

Placed on Calendar Order of First Reading

House

First Reading

House

Referred to Rules Committee

Senate

Added as Chief Co-Sponsor Sen. Michael Noland

Senate

Added as Chief Co-Sponsor Sen. Pamela J. Althoff

Senate

Added as Chief Co-Sponsor Sen. Emil Jones, III

Senate

Added as Co-Sponsor Sen. Kimberly A. Lightford

Senate

Added as Co-Sponsor Sen. Deanna Demuzio

Senate

Added as Co-Sponsor Sen. Linda Holmes

Senate

Added as Co-Sponsor Sen. William R. Haine

Senate

Added as Co-Sponsor Sen. A. J. Wilhelmi

Senate

Added as Co-Sponsor Sen. Toi W. Hutchinson

Senate

Added as Co-Sponsor Sen. Heather Steans

Mar 10, 2010

Senate

Placed on Calendar Order of 3rd Reading March 11, 2010

Senate

Second Reading

Mar 04, 2010

Senate

Placed on Calendar Order of 2nd Reading March 9, 2010

Senate

Do Pass Commerce; 009-000-000

Feb 24, 2010

Senate

Assigned to Commerce

Senate

Added as Chief Co-Sponsor Sen. Dan Kotowski

Feb 11, 2010

Senate

First Reading

Senate

Filed with Secretary by Sen. Michael W. Frerichs

Senate

Referred to Assignments

Bill Text

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Related Documents

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Sources

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