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| [ Engrossed ] | [ Enrolled ] | [ Senate Amendment 002 ] |
90_HB2061
20 ILCS 605/46.70 new
30 ILCS 105/5.449 new
Amends the Civil Administrative Code of Illinois and the
State Finance Act to create the Small Business Incubator
Fund. Provides that the Director of Commerce and Community
Affairs may make grants to small business incubators
dedicated to the successful development of entrepreneurial
companies. Provides that the grants shall not exceed 50% of
the State income taxes paid in the previous calendar year by
qualified businesses leasing space from eligible small
business incubators. Provides that an amount equal to 50% of
these taxes shall be annually appropriated to the fund.
Establishes an application process for grants and limitations
on the use of the grants. Effective immediately.
LRB9005374PTcw
LRB9005374PTcw
1 AN ACT concerning small businesses.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Civil Administrative Code of Illinois is
5 amended by adding Section 46.70 as follows:
6 (20 ILCS 605/46.70 new)
7 Sec. 46.70. Small business incubator grants.
8 (a) Subject to availability of funds in the Small
9 Business Incubator Fund, the Director of Commerce and
10 Community Affairs may make grants to eligible small business
11 incubators in an amount not to exceed 50% of State income
12 taxes paid in the previous calendar year by qualified tenant
13 businesses subject to the restrictions of this Section.
14 (b) There is created a special fund in the State
15 Treasury known as the Small Business Incubator Fund. The
16 money in the Fund may be used only for making grants under
17 subsection (a) of this Section. The Department of Revenue
18 shall certify by March 1 of each year to the General
19 Assembly the amount of State income taxes paid by qualified
20 tenant businesses in the previous year. The Department of
21 Revenue may, by rule, prescribe forms necessary to identify
22 qualified tenant businesses under this Section. An amount
23 equal to 50% of the amount certified by the Department of
24 Revenue shall be appropriated into the Fund annually.
25 (c) Eligible small business incubators that receive a
26 grant under this Section may use the grant only for capital
27 improvements on the building housing the eligible small
28 business incubator. The eligible small business incubator
29 must keep written records of the use of the grant money for a
30 period of 5 years from disbursement.
31 (d) By April 1 of each year, an eligible small business
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1 incubator may apply for a grant under this Section on forms
2 developed by the Department. The Department may require
3 applicants to provide proof of eligibility. Upon review of
4 the applications, the Director of Commerce and Community
5 Affairs shall approve or disapprove the application. At the
6 start of each fiscal year or upon approval of the budget for
7 that fiscal year, whichever is later, the Director shall
8 determine the amount of funds available for grants under this
9 Section and shall then approve the grants.
10 (e) For purposes of this Section:
11 (1) "eligible small business incubator" means an
12 entity that is dedicated to the successful development of
13 entrepreneurial companies, has a specific written policy
14 identifying requirements for a business "to graduate"
15 from the incubator, either owns or leases real estate in
16 which qualified tenant businesses operate, and provides
17 all of the following services: management guidance,
18 rental spaces, shared basic business equipment,
19 technology support services, and assistance in obtaining
20 financing.
21 (2) "qualified tenant business" means a business
22 that currently leases space from an eligible small
23 business incubator, is less than 5 years old, and either
24 has not fulfilled the eligible small business incubator's
25 graduation requirements or has fulfilled these
26 requirements within the last 5 years.
27 Section 10. The State Finance Act is amended by adding
28 Section 5.449 as follows:
29 (30 ILCS 105/5.449 new)
30 Sec. 5.449. The Small Business Incubator Fund.
31 Section 99. Effective date. This Act takes effect upon
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1 becoming law.