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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
(1) must encourage participation among small and
(2) must encourage participation in the Program in
diverse geographic and economic areas, including urban,
suburban, and rural areas of the State; and
(3) must encourage participation in the Program from
businesses that operate in key industries, as defined by
the Department. These industries include, but are not
limited to, the following: (i) agribusiness and agtech;
(ii) energy; (iii) information technology; (iv) life
sciences and healthcare; (v) manufacturing; and (vi)
transportation and logistics.
(d) In order to be eligible for an innovation voucher
under this Section, a business must satisfy all of the
(1) the business must be an Illinois-based business.
For the purposes of this Section, "Illinois-based
business" means a business that has its principal place of
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business in this State or that employs at least 100
full-time employees, as defined under Section 5-5 of the
Economic Development for a Growing Economy Tax Credit Act,
in this State;
(2) the business must remain in this State for the
duration of research engagement; and
(3) the partnering institution of higher education
must be an Illinois-based institution of higher education
and non-profit. For the purposes of this Section,
"Illinois-based institution of higher education" means an
institution of higher education that has its main physical
campus in this State.
(e) The Illinois Innovation Voucher Program shall, when
not administered by the Department, be administered by an
Illinois non-profit organization or governmental entity with
expertise in innovation, technology, economic development,
research and development, and public private partnerships.
Subject to appropriation, the Department shall be authorized
to provide to the entity administering the Program an
administrative fee in an amount not to exceed 10% of the total
value of vouchers estimated by the Department to be issued in
each fiscal year.
(f) The Department may adopt any rules necessary to
administer the provisions of this Section.
This Act takes effect upon