Bill Status of SB 1522   96th General Assembly

Short Description:  EMERGING TECHNOLOGY INVESTMENT

Senate Sponsors
Sen. Michael W. Frerichs-Dan Kotowski, Louis S. Viverito, Randall M. Hultgren, Matt Murphy-Chris Lauzen-Linda Holmes-Susan Garrett, Pamela J. Althoff, Heather Steans, Kirk W. Dillard, Jeffrey M. Schoenberg and A. J. Wilhelmi

House Sponsors
(Rep. Susana A. Mendoza-Keith Farnham-Mike Fortner-Maria Antonia Berrios-Mark L. Walker, Sara Feigenholtz, Annazette Collins, Dave Winters, Michael W. Tryon, Jim Durkin, Karen May, Lou Lang, Karen A. Yarbrough, Ronald A. Wait, Kevin Joyce, John A. Fritchey, Jehan A. Gordon, Naomi D. Jakobsson, David E. Miller, William Davis, Julie Hamos, Kathleen A. Ryg, Michael P. McAuliffe, Angelo Saviano, Randy Ramey, Jr., Jim Watson, Kay Hatcher, Elizabeth Coulson, Eddie Washington, Robert F. Flider, Michael J. Zalewski, Careen M. Gordon, Sidney H. Mathias, Al Riley, William D. Burns, Fred Crespo and Timothy L. Schmitz)


Last Action  View All Actions

DateChamber Action
  1/12/2011SenateSession 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
  2/18/2009SenateFiled with Secretary by Sen. Michael W. Frerichs
  2/18/2009SenateFirst Reading
  2/18/2009SenateReferred to Assignments
  2/19/2009SenateAdded as Chief Co-Sponsor Sen. Dan Kotowski
  2/25/2009SenateAssigned to Revenue
  3/5/2009SenateAdded as Co-Sponsor Sen. Louis S. Viverito
  3/5/2009SenateAdded as Co-Sponsor Sen. Randall M. Hultgren
  3/5/2009SenateAdded as Co-Sponsor Sen. Matt Murphy
  3/5/2009SenateAdded as Chief Co-Sponsor Sen. Chris Lauzen
  3/6/2009SenateDo Pass Revenue; 009-000-000
  3/6/2009SenatePlaced on Calendar Order of 2nd Reading March 10, 2009
  3/24/2009SenateSecond Reading
  3/24/2009SenatePlaced on Calendar Order of 3rd Reading March 25, 2009
  3/24/2009SenateAdded as Chief Co-Sponsor Sen. Linda Holmes
  3/31/2009SenateAdded as Chief Co-Sponsor Sen. Susan Garrett
  3/31/2009SenateAdded as Co-Sponsor Sen. Pamela J. Althoff
  3/31/2009SenateAdded as Co-Sponsor Sen. Heather Steans
  3/31/2009SenateAdded as Co-Sponsor Sen. Kirk W. Dillard
  3/31/2009SenateAdded as Co-Sponsor Sen. Jeffrey M. Schoenberg
  3/31/2009SenateThird Reading - Passed; 054-000-000
  3/31/2009HouseArrived in House
  3/31/2009HousePlaced on Calendar Order of First Reading
  4/1/2009HouseChief House Sponsor Rep. Keith Farnham
  4/1/2009HouseAlternate Chief Sponsor Changed to Rep. Susana A. Mendoza
  4/1/2009HouseAdded Alternate Chief Co-Sponsor Rep. Keith Farnham
  4/1/2009HouseFirst Reading
  4/1/2009HouseReferred to Rules Committee
  4/2/2009HouseAdded Alternate Chief Co-Sponsor Rep. Mike Fortner
  4/14/2009HouseAdded Alternate Chief Co-Sponsor Rep. Maria Antonia Berrios
  4/14/2009HouseAdded Alternate Chief Co-Sponsor Rep. Mark L. Walker
  4/14/2009HouseAdded Alternate Co-Sponsor Rep. Sara Feigenholtz
  4/14/2009HouseAdded Alternate Co-Sponsor Rep. Annazette Collins
  4/14/2009HouseAdded Alternate Co-Sponsor Rep. Dave Winters
  4/14/2009HouseAdded Alternate Co-Sponsor Rep. Michael W. Tryon
  4/14/2009HouseAssigned to Revenue & Finance Committee
  4/21/2009HouseAdded Alternate Co-Sponsor Rep. Jim Durkin
  4/21/2009HouseAdded Alternate Co-Sponsor Rep. Karen May
  4/21/2009HouseAdded Alternate Co-Sponsor Rep. Lou Lang
  4/21/2009HouseAdded Alternate Co-Sponsor Rep. Karen A. Yarbrough
  4/21/2009HouseAdded Alternate Co-Sponsor Rep. Ronald A. Wait
  4/21/2009HouseAdded Alternate Co-Sponsor Rep. Kevin Joyce
  4/21/2009HouseAdded Alternate Co-Sponsor Rep. John A. Fritchey
  4/22/2009HouseAdded Alternate Co-Sponsor Rep. Jehan A. Gordon
  4/22/2009HouseAdded Alternate Co-Sponsor Rep. Naomi D. Jakobsson
  4/23/2009HouseAdded Alternate Co-Sponsor Rep. David E. Miller
  4/23/2009HouseAdded Alternate Co-Sponsor Rep. William Davis
  4/23/2009HouseAdded Alternate Co-Sponsor Rep. Julie Hamos
  4/23/2009HouseAdded Alternate Co-Sponsor Rep. Kathleen A. Ryg
  4/28/2009HouseAdded Alternate Co-Sponsor Rep. Michael P. McAuliffe
  4/28/2009HouseAdded Alternate Co-Sponsor Rep. Angelo Saviano
  5/5/2009HouseAdded Alternate Co-Sponsor Rep. Randy Ramey, Jr.
  5/5/2009HouseAdded Alternate Co-Sponsor Rep. Jim Watson
  5/6/2009HouseAdded Alternate Co-Sponsor Rep. Kay Hatcher
  5/6/2009HouseAdded Alternate Co-Sponsor Rep. Elizabeth Coulson
  5/8/2009HouseRule 19(a) / Re-referred to Rules Committee
  5/13/2009HouseAssigned to Revenue & Finance Committee
  5/14/2009HouseAdded Alternate Co-Sponsor Rep. Eddie Washington
  5/14/2009HouseAdded Alternate Co-Sponsor Rep. Robert F. Flider
  5/19/2009HouseAdded Alternate Co-Sponsor Rep. Michael J. Zalewski
  5/19/2009HouseAdded Alternate Co-Sponsor Rep. Careen M. Gordon
  5/20/2009HouseAdded Alternate Co-Sponsor Rep. Sidney H. Mathias
  5/22/2009HouseFinal Action Deadline Extended-9(b) May 29, 2009
  5/29/2009HouseAdded Alternate Co-Sponsor Rep. Al Riley
  5/29/2009HouseFinal Action Deadline Extended-9(b) May 31, 2009
  5/31/2009HouseRule 19(a) / Re-referred to Rules Committee
  6/23/2009HouseAdded Alternate Co-Sponsor Rep. William D. Burns
  9/23/2009SenateAdded as Co-Sponsor Sen. A. J. Wilhelmi
  12/16/2009HouseAdded Alternate Co-Sponsor Rep. Fred Crespo
  12/16/2009HouseAdded Alternate Co-Sponsor Rep. Timothy L. Schmitz
  1/12/2011SenateSession Sine Die

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