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| Public Act 102-0421 | ||||
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AN ACT concerning State government.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Department of Commerce and Economic | ||||
Opportunity Law of the
Civil Administrative Code of Illinois | ||||
is amended by adding Section 605-1060 as follows: | ||||
(20 ILCS 605/605-1060 new) | ||||
Sec. 605-1060. Illinois Innovation Voucher Program. | ||||
(a) The Department is authorized to establish the Illinois | ||||
Innovation Voucher Program to be administered in accordance | ||||
with this Section 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. 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. | ||||
(b) The Department may award matching funds in the form of | ||||
innovation vouchers up to 75% of the cost of the research | ||||
engagement not to exceed $75,000. A business may receive only | ||||
one innovation voucher under this Section per year. | ||||
(c) The Department when administering the Program under | ||||
this Section: | ||||
(1) must encourage participation among small and | ||
mid-sized businesses; | ||
(2) must encourage participation in the Program in | ||
diverse geographic and economic areas, including urban, | ||
suburban, and rural areas of the State; and | ||
(3) must encourage participation in the Program from | ||
businesses that operate in key industries, as defined by | ||
the Department. These industries include, but are not | ||
limited to, the following: (i) agribusiness and agtech; | ||
(ii) energy; (iii) information technology; (iv) life | ||
sciences and healthcare; (v) manufacturing; and (vi) | ||
transportation and logistics. | ||
(d) In order to be eligible for an innovation voucher | ||
under this Section, a business must satisfy all of the | ||
following conditions: | ||
(1) the business must be an Illinois-based business. | ||
For the purposes of this Section, "Illinois-based | ||
business" means a business that has its principal place of | ||
business in this State or that employs at least 100 | ||
full-time employees, as defined under Section 5-5 of the | ||
Economic Development for a Growing Economy Tax Credit Act, | ||
in this State; | ||
(2) the business must remain in this State for the | ||
duration of research engagement; and | ||
(3) the partnering institution of higher education | ||
must be an Illinois-based institution of higher education | ||
and non-profit. For the purposes of this Section, | ||
"Illinois-based institution of higher education" means an | ||
institution of higher education that has its main physical | ||
campus in this State. | ||
(e) The Department may adopt any rules necessary to | ||
administer the provisions of this Section.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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