Illinois General Assembly - Full Text of SB2290
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Full Text of SB2290  102nd General Assembly

SB2290 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB2290

 

Introduced 2/26/2021, by Sen. Scott M. Bennett

 

SYNOPSIS AS INTRODUCED:
 
20 ILCS 605/605-1055 new

    Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Provides that the Department of Commerce and Economic Opportunity is authorized to establish the Illinois Innovation Voucher Program 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. Provides that 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. Provides for the award of matching funds in the form of innovation vouchers. Provides eligibility requirements for receiving innovation vouchers. Provides requirements for administering the Program. Provides for the adoption of rules. Effective immediately.


LRB102 17355 RJF 22846 b

 

 

A BILL FOR

 

SB2290LRB102 17355 RJF 22846 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Department of Commerce and Economic
5Opportunity Law of the Civil Administrative Code of Illinois
6is amended by adding Section 605-1055 as follows:
 
7    (20 ILCS 605/605-1055 new)
8    Sec. 605-1055. Illinois Innovation Voucher Program.
9    (a) The Department is authorized to establish the Illinois
10Innovation Voucher Program to be administered in accordance
11with this Section for the purpose of fostering research and
12development in key industry clusters leading to the creation
13of new products and services that can be marketed by Illinois
14businesses. The Department may award innovation vouchers to
15eligible businesses to offset a portion of expenses incurred
16through a collaborative research engagement with an Illinois
17institution of higher education.
18    (b) The Department may award matching funds in the form of
19innovation vouchers up to 75% of the cost of the research
20engagement not to exceed $75,000. A business may receive only
21one innovation voucher under this Section per year.
22    (c) The Department, if administering the Program under
23this Section:

 

 

SB2290- 2 -LRB102 17355 RJF 22846 b

1        (1) must encourage participation among small and
2    mid-sized businesses;
3        (2) must encourage participation in the Program in
4    diverse geographic and economic areas, including urban,
5    suburban, and rural areas of the State; and
6        (3) must encourage participation in the Program from
7    businesses that operate in key industries, as defined by
8    the Department. These industries include, but are not
9    limited to, the following: (i) agribusiness and agtech;
10    (ii) energy; (iii) information technology; (iv) life
11    sciences and healthcare; (v) manufacturing; and (vi)
12    transportation and logistics.
13    (d) In order to be eligible for an innovation voucher
14under this Section, a business must satisfy all of the
15following conditions:
16        (1) the business must be an Illinois-based business.
17    For the purposes of this Section, "Illinois-based
18    business" means a business that has its principal place of
19    business in this State or that employs at least 100
20    full-time employees, as defined under Section 5-5 of the
21    Economic Development for a Growing Economy Tax Credit Act,
22    in this State;
23        (2) the business must remain in this State for the
24    duration of research engagement; and
25        (3) the partnering institution of higher education
26    must be an Illinois-based institution of higher education

 

 

SB2290- 3 -LRB102 17355 RJF 22846 b

1    and non-profit. For the purposes of this Section,
2    "Illinois-based institution of higher education" means an
3    institution of higher education that has its main physical
4    campus in this State.
5    (e) The Illinois Innovation Voucher Program shall, when
6not administered by the Department, be administered by an
7Illinois non-profit membership organization whose mission is
8to cultivate innovation and technology-based economic
9development in Illinois by fostering public-private
10partnerships to develop and execute research and development
11projects, advocating for funding for research and development
12initiatives, and collaborating with public and private
13partners to attract and retain research and development
14resources and talent in Illinois. The Department shall be
15authorized to provide to the entity administering the Program
16an administrative fee in an amount not to exceed 15% of the
17total value of vouchers estimated by the Department to be
18issued in each fiscal year.
19    (f) The Department may adopt any rules necessary to
20administer the provisions of this Section.
 
21    Section 99. Effective date. This Act takes effect upon
22becoming law.