HB 1855

Abstract

Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Provides that the Department of Commerce and Economic Opportunity is authorized to establish the Illinois Innovation Voucher Program for the purpose of fostering research and development in key industry clusters leading to the creation of new products and services that can be marketed by Illinois businesses. Provides that the Department may award innovation vouchers to eligible businesses to offset a portion of expenses incurred through a collaborative research engagement with an Illinois institution of higher education. Provides for the award of matching funds in the form of innovation vouchers. Provides eligibility requirements for receiving innovation vouchers. Provides requirements for administering the Program. Provides for the adoption of rules. Effective immediately. House Floor Amendment No. 1 Deletes reference to: 20 ILCS 605/605-1055 Adds reference to: 20 ILCS 605/605-1060 new Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with changes. Removes provision allowing the Illinois Innovation Voucher Program to be administered by an Illinois non-profit membership organization whose mission is to cultivate innovation and technology-based economic development in Illinois. Makes conforming changes. Effective immediately.