Full Text of HB2073 097th General Assembly
HB2073enr 97TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning finance.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The State Finance Act is amended by adding | 5 | | Sections 5.786 and 6z-87 as follows: | 6 | | (30 ILCS 105/5.786 new) | 7 | | Sec. 5.786. The Small Business Development Grant Fund. | 8 | | (30 ILCS 105/6z-87 new) | 9 | | Sec. 6z-87. The Small Business Development Grant Fund. | 10 | | (a) The Small Business Development Grant Fund is created as | 11 | | a special fund in the State treasury. Subject to appropriation, | 12 | | the Department of Commerce and Economic Opportunity shall make | 13 | | grants from the Fund: | 14 | | (1) to small businesses in the State that commit to | 15 | | using the grant moneys to create additional jobs; | 16 | | (2) to small businesses from outside of the State that | 17 | | commit to relocate within the State; and | 18 | | (3) for individual projects that create 100 or fewer | 19 | | additional jobs. | 20 | | (b) For the purposes of this Section, "small business" | 21 | | means a legal entity, including a corporation, partnership, or | 22 | | sole proprietorship that: |
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| 1 | | (1) is formed for the purpose of making a profit; | 2 | | (2) is independently owned and operated; and | 3 | | (3) has fewer than 100 employees. | 4 | | (c) In making grants under this Section, the Department of | 5 | | Commerce and Economic Opportunity shall give priority to | 6 | | minority owned businesses, female owned businesses, and | 7 | | businesses owned by a person with a disability, as those terms | 8 | | are defined in the Business Enterprise for Minorities, Females, | 9 | | and Persons with Disabilities Act. | 10 | | (d) In making grants under this Section, the Department of | 11 | | Commerce and Economic Opportunity shall also give priority to | 12 | | small businesses that pledge not to pay any of the grant moneys | 13 | | to an executive of the business in the form of compensation | 14 | | above the executive's base salary. | 15 | | (e) In making grants under this Section, the Department of | 16 | | Commerce and Economic Opportunity shall also give priority to | 17 | | small businesses that have as their primary purpose the | 18 | | provision of energy derived from renewable energy technology. | 19 | | For the purposes of this Section, "renewable energy technology" | 20 | | means
any technology that exclusively relies on an energy | 21 | | source that is
naturally regenerated over a short time and | 22 | | derived (i) directly from
the sun, (ii) indirectly from the | 23 | | sun, or (iii) from moving water or other
natural movements and | 24 | | mechanisms of the environment. The term "renewable
energy | 25 | | technology" includes sources that rely on energy derived
| 26 | | directly from the sun, on wind, geothermal, hydroelectric, |
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| 1 | | wave, or
tidal energy, or on biomass or biomass-based waste | 2 | | products,
including landfill gas. The term "renewable energy | 3 | | technology" does not
include energy resources derived from | 4 | | fossil fuels, waste products
from fossil fuels, or waste | 5 | | products from inorganic sources.
| 6 | | Section 99. Effective date. This Act takes effect upon | 7 | | becoming law.
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