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

SB2290eng 102ND GENERAL ASSEMBLY

  
  
  

 


 
SB2290 EngrossedLRB102 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. Subject to appropriation, the Department may award
15innovation vouchers to eligible businesses to offset a portion
16of expenses incurred through a collaborative research
17engagement with an Illinois institution of higher education.
18    (b) Subject to appropriation, the Department may award
19matching funds in the form of innovation vouchers up to 75% of
20the cost of the research engagement not to exceed $75,000. A
21business may receive only one innovation voucher under this
22Section per year.
23    (c) The Department, if administering the Program under

 

 

SB2290 Engrossed- 2 -LRB102 17355 RJF 22846 b

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

 

 

SB2290 Engrossed- 3 -LRB102 17355 RJF 22846 b

1    must be an Illinois-based institution of higher education
2    and non-profit. For the purposes of this Section,
3    "Illinois-based institution of higher education" means an
4    institution of higher education that has its main physical
5    campus in this State.
6    (e) The Illinois Innovation Voucher Program shall, when
7not administered by the Department, be administered by an
8Illinois non-profit organization or governmental entity with
9expertise in innovation, technology, economic development,
10research and development, and public private partnerships.
11Subject to appropriation, the Department shall be authorized
12to provide to the entity administering the Program an
13administrative fee in an amount not to exceed 10% of the total
14value of vouchers estimated by the Department to be issued in
15each fiscal year.
16    (f) The Department may adopt any rules necessary to
17administer the provisions of this Section.
 
18    Section 99. Effective date. This Act takes effect upon
19becoming law.