House Sponsors: FANTIN-HOLBROOK. Senate Sponsors: PARKER-RADOGNO-HENDON-HALVORSON Short description: DCCA-SMALL BUSINESS GRANTS Synopsis of Bill as introduced: 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. STATE MANDATES FISCAL NOTE HB2061 fails to create a State mandate. FISCAL NOTE (Dept. of Revenue) The Dept. cannot estimate how many businesses qualify or the amount of State income paid by such businesses, nor estimate the amount of money that will be diverted from GRF to the Small Business Incubator Fund annually. SENATE AMENDMENT NO. 2. Sets a limit on the amount of the grant given to a small business incubator. Provides that 5% of the amount appropriated into the Small Business Incubator Fund shall be allotted to the Department of Commerce and Community Affairs to administer, oversee, and evaluate the small business incubator grant process and outcome. Provides that the small business incubator grant process is repealed on December 31, 2002. Provides that the evaluation of the grant process shall recommend its continuation or its repeal and shall be submitted to the Governor and the General Assembly before December 31, 2001. Last action on Bill: TOTAL VETO STANDS Last action date: 97-10-30 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1 END OF INQUIRY Full Text Bill Status