SB 10

  • Illinois Senate Bill
  • 97th Regular Session
  • Introduced in Senate
  • Senate
  • House
  • Governor

Emerging Technology Investment

Abstract

Creates the Emerging Technology Industries Act. Requires the Department of Commerce and Economic Opportunity to establish and maintain a program to award grants to emerging-technology enterprises in the State. Sets forth eligibility requirements and funding priorities for awarding the grants, and sets forth procedures for awarding the grants. Requires written contracts in which the emerging-technology enterprise guarantees that it will perform the actions expected to be performed. Sets dollar limits on matching funds for federal Small Business Innovative Research (SBIR) grants and total grant matching funds per year. Limits total credits to $15,000,000 in any one State fiscal year. Amends the State Finance Act to create the Emerging Technology Grant Fund. Amends the Illinois Income Tax Act. Creates an income tax credit for qualified investors who make an investment in an emerging technology enterprise in the State. Provides that the Department of Commerce and Economic Opportunity must certify the amount of the credit and sets forth the procedures for the application and certification of the credit. Sets forth provisions for the revocation and recapture of the tax credit. Contains other provisions. Effective immediately.

Bill Sponsors (1)

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Jan 08, 2013

Senate

Session Sine Die

Mar 18, 2011

Senate

Rule 3-9(a) / Re-referred to Assignments

Mar 17, 2011

Senate

Added as Chief Co-Sponsor Sen. Linda Holmes

Mar 10, 2011

Senate

Postponed - Revenue

Senate

Added as Co-Sponsor Sen. Mike Jacobs

Mar 03, 2011

Senate

To Revenue Subcommittee on Tax Credits

Feb 15, 2011

Senate

Postponed - Revenue

Senate

Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins

Feb 09, 2011

Senate

Assigned to Revenue

Jan 27, 2011

Senate

Filed with Secretary by Sen. Michael W. Frerichs

Senate

Referred to Assignments

Senate

First Reading

Bill Text

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