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

SB2290sam001 102ND GENERAL ASSEMBLY

Sen. Scott M. Bennett

Filed: 4/16/2021

 

 


 

 


 
10200SB2290sam001LRB102 17355 RJF 25337 a

1
AMENDMENT TO SENATE BILL 2290

2    AMENDMENT NO. ______. Amend Senate Bill 2290 by replacing
3everything after the enacting clause with the following:
 
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

 

 

10200SB2290sam001- 2 -LRB102 17355 RJF 25337 a

1engagement with an Illinois institution of higher education.
2    (b) Subject to appropriation, the Department may award
3matching funds in the form of innovation vouchers up to 75% of
4the cost of the research engagement not to exceed $75,000. A
5business may receive only one innovation voucher under this
6Section per year.
7    (c) The Department, if administering the Program under
8this Section:
9        (1) must encourage participation among small and
10    mid-sized businesses;
11        (2) must encourage participation in the Program in
12    diverse geographic and economic areas, including urban,
13    suburban, and rural areas of the State; and
14        (3) must encourage participation in the Program from
15    businesses that operate in key industries, as defined by
16    the Department. These industries include, but are not
17    limited to, the following: (i) agribusiness and agtech;
18    (ii) energy; (iii) information technology; (iv) life
19    sciences and healthcare; (v) manufacturing; and (vi)
20    transportation and logistics.
21    (d) In order to be eligible for an innovation voucher
22under this Section, a business must satisfy all of the
23following conditions:
24        (1) the business must be an Illinois-based business.
25    For the purposes of this Section, "Illinois-based
26    business" means a business that has its principal place of

 

 

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1    business in this State or that employs at least 100
2    full-time employees, as defined under Section 5-5 of the
3    Economic Development for a Growing Economy Tax Credit Act,
4    in this State;
5        (2) the business must remain in this State for the
6    duration of research engagement; and
7        (3) the partnering institution of higher education
8    must be an Illinois-based institution of higher education
9    and non-profit. For the purposes of this Section,
10    "Illinois-based institution of higher education" means an
11    institution of higher education that has its main physical
12    campus in this State.
13    (e) The Illinois Innovation Voucher Program shall, when
14not administered by the Department, be administered by an
15Illinois non-profit organization or governmental entity with
16expertise in innovation, technology, economic development,
17research and development, and public private partnerships.
18Subject to appropriation, the Department shall be authorized
19to provide to the entity administering the Program an
20administrative fee in an amount not to exceed 10% of the total
21value of vouchers estimated by the Department to be issued in
22each fiscal year.
23    (f) The Department may adopt any rules necessary to
24administer the provisions of this Section.
 
25    Section 99. Effective date. This Act takes effect upon

 

 

10200SB2290sam001- 4 -LRB102 17355 RJF 25337 a

1becoming law.".