|SB2290 Engrossed||LRB102 17355 RJF 22846 b|
AN ACT concerning State government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Department of Commerce and Economic
Opportunity Law of the
Civil Administrative Code of Illinois
is amended by adding Section 605-1055 as follows:
(20 ILCS 605/605-1055 new)
Illinois Innovation Voucher Program.
(a) The Department is authorized to establish the Illinois
Innovation Voucher Program to be administered in accordance
with this Section for the purpose of fostering research and
development in key industry clusters leading to the creation
of new products and services that can be marketed by Illinois
businesses. Subject to appropriation, the Department may award
innovation vouchers to eligible businesses to offset a portion
of expenses incurred through a collaborative research
engagement with an Illinois institution of higher education.
(b) Subject to appropriation, the Department may award
matching funds in the form of innovation vouchers up to 75% of
the cost of the research engagement not to exceed $75,000. A
business may receive only one innovation voucher under this
Section per year.
(c) The Department, if administering the Program under