Bill Status of HB 351   96th General Assembly

Short Description:  EMERGING TECHNOLOGY INVESTMENT

House Sponsors
Rep. Susana A. Mendoza-Maria Antonia Berrios-Lou Lang-Mike Fortner-Karen A. Yarbrough, Sara Feigenholtz and Naomi D. Jakobsson

Last Action  View All Actions

DateChamber Action
  1/11/2011HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act
30 ILCS 105/5.719 new
35 ILCS 5/218 new

Synopsis As Introduced
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.

Actions 
DateChamber Action
  1/27/2009HouseFiled with the Clerk by Rep. Susana A. Mendoza
  1/27/2009HouseFirst Reading
  1/27/2009HouseReferred to Rules Committee
  2/4/2009HouseAdded Co-Sponsor Rep. Lou Lang
  2/4/2009HouseAssigned to Revenue & Finance Committee
  2/9/2009HouseAdded Chief Co-Sponsor Rep. Maria Antonia Berrios
  2/23/2009HouseRemoved Co-Sponsor Rep. Lou Lang
  2/23/2009HouseAdded Chief Co-Sponsor Rep. Lou Lang
  2/25/2009HouseAdded Co-Sponsor Rep. Sara Feigenholtz
  2/26/2009HouseAdded Chief Co-Sponsor Rep. Mike Fortner
  3/3/2009HouseAdded Chief Co-Sponsor Rep. Karen A. Yarbrough
  3/10/2009HouseAdded Co-Sponsor Rep. Naomi D. Jakobsson
  3/13/2009HouseRule 19(a) / Re-referred to Rules Committee
  1/11/2011HouseSession Sine Die

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