Bill Status of SB 3654   96th General Assembly

Short Description:  EMERGING TECHNOLOGY INVESTMENT

Senate Sponsors
Sen. Michael W. Frerichs-Dan Kotowski-Michael Noland-Pamela J. Althoff-Emil Jones, III, Kimberly A. Lightford, Deanna Demuzio, Linda Holmes, William R. Haine, A. J. Wilhelmi, John M. Sullivan, Toi W. Hutchinson, Heather Steans, Jacqueline Y. Collins, Terry Link and Ira I. Silverstein

House Sponsors
(Rep. William B. Black-Carol A. Sente, Eddie Washington, Michael K. Smith and Jehan A. Gordon)


Last Action  View All Actions

DateChamber Action
  1/12/2011SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act
30 ILCS 105/5.755 new
35 ILCS 5/219 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 income tax 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
  2/11/2010SenateFiled with Secretary by Sen. Michael W. Frerichs
  2/11/2010SenateFirst Reading
  2/11/2010SenateReferred to Assignments
  2/24/2010SenateAdded as Chief Co-Sponsor Sen. Dan Kotowski
  2/24/2010SenateAssigned to Commerce
  3/4/2010SenateDo Pass Commerce; 009-000-000
  3/4/2010SenatePlaced on Calendar Order of 2nd Reading March 9, 2010
  3/10/2010SenateSecond Reading
  3/10/2010SenatePlaced on Calendar Order of 3rd Reading March 11, 2010
  3/11/2010SenateAdded as Chief Co-Sponsor Sen. Michael Noland
  3/11/2010SenateAdded as Chief Co-Sponsor Sen. Pamela J. Althoff
  3/11/2010SenateAdded as Chief Co-Sponsor Sen. Emil Jones, III
  3/11/2010SenateAdded as Co-Sponsor Sen. Kimberly A. Lightford
  3/11/2010SenateAdded as Co-Sponsor Sen. Deanna Demuzio
  3/11/2010SenateAdded as Co-Sponsor Sen. Linda Holmes
  3/11/2010SenateAdded as Co-Sponsor Sen. William R. Haine
  3/11/2010SenateAdded as Co-Sponsor Sen. A. J. Wilhelmi
  3/11/2010SenateAdded as Co-Sponsor Sen. John M. Sullivan
  3/11/2010SenateAdded as Co-Sponsor Sen. Toi W. Hutchinson
  3/11/2010SenateAdded as Co-Sponsor Sen. Heather Steans
  3/11/2010SenateAdded as Co-Sponsor Sen. Jacqueline Y. Collins
  3/11/2010SenateAdded as Co-Sponsor Sen. Terry Link
  3/11/2010SenateAdded as Co-Sponsor Sen. Ira I. Silverstein
  3/11/2010SenateThird Reading - Passed; 053-000-001
  3/11/2010HouseArrived in House
  3/11/2010HouseChief House Sponsor Rep. William B. Black
  3/11/2010HousePlaced on Calendar Order of First Reading
  3/11/2010HouseFirst Reading
  3/11/2010HouseReferred to Rules Committee
  3/22/2010HouseAdded Alternate Chief Co-Sponsor Rep. Carol A. Sente
  3/26/2010HouseAdded Alternate Co-Sponsor Rep. Eddie Washington
  4/30/2010HouseAdded Alternate Co-Sponsor Rep. Michael K. Smith
  4/30/2010HouseAdded Alternate Co-Sponsor Rep. Jehan A. Gordon
  1/12/2011SenateSession Sine Die

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