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1 | AN ACT concerning finance.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The State Finance Act is amended by adding | ||||||
5 | Sections 5.786 and 6z-87 as follows: | ||||||
6 | (30 ILCS 105/5.786 new) | ||||||
7 | Sec. 5.786. The Small Business Development Grant Fund. | ||||||
8 | (30 ILCS 105/6z-87 new) | ||||||
9 | Sec. 6z-87. The Small Business Development Grant Fund. | ||||||
10 | (a) The Small Business Development Grant Fund is created as | ||||||
11 | a special fund in the State treasury. Subject to appropriation, | ||||||
12 | the Department of Commerce and Economic Opportunity shall make | ||||||
13 | grants from the Fund: | ||||||
14 | (1) to small businesses in the State that commit to | ||||||
15 | using the grant moneys to create additional jobs; | ||||||
16 | (2) to small businesses from outside of the State that | ||||||
17 | commit to relocate within the State; and | ||||||
18 | (3) for individual projects that create 100 or fewer | ||||||
19 | additional jobs. | ||||||
20 | (b) For the purposes of this Section, "small business" | ||||||
21 | means a legal entity, including a corporation, partnership, or | ||||||
22 | sole proprietorship that: |
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1 | (1) is formed for the purpose of making a profit; | ||||||
2 | (2) is independently owned and operated; and | ||||||
3 | (3) has fewer than 100 employees. | ||||||
4 | (c) In making grants under this Section, the Department of | ||||||
5 | Commerce and Economic Opportunity shall give priority to | ||||||
6 | minority owned businesses, female owned businesses, and | ||||||
7 | businesses owned by a person with a disability, as those terms | ||||||
8 | are defined in the Business Enterprise for Minorities, Females, | ||||||
9 | and Persons with Disabilities Act. | ||||||
10 | (d) In making grants under this Section, the Department of | ||||||
11 | Commerce and Economic Opportunity shall also give priority to | ||||||
12 | small businesses that pledge not to pay any of the grant moneys | ||||||
13 | to an executive of the business in the form of compensation | ||||||
14 | above the executive's base salary. | ||||||
15 | (e) In making grants under this Section, the Department of | ||||||
16 | Commerce and Economic Opportunity shall also give priority to | ||||||
17 | small businesses that have as their primary purpose the | ||||||
18 | provision of energy derived from renewable energy technology. | ||||||
19 | For the purposes of this Section, "renewable energy technology" | ||||||
20 | means
any technology that exclusively relies on an energy | ||||||
21 | source that is
naturally regenerated over a short time and | ||||||
22 | derived (i) directly from
the sun, (ii) indirectly from the | ||||||
23 | sun, or (iii) from moving water or other
natural movements and | ||||||
24 | mechanisms of the environment. The term "renewable
energy | ||||||
25 | technology" includes sources that rely on energy derived
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26 | directly from the sun, on wind, geothermal, hydroelectric, |
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1 | wave, or
tidal energy, or on biomass or biomass-based waste | ||||||
2 | products,
including landfill gas. The term "renewable energy | ||||||
3 | technology" does not
include energy resources derived from | ||||||
4 | fossil fuels, waste products
from fossil fuels, or waste | ||||||
5 | products from inorganic sources.
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6 | Section 99. Effective date. This Act takes effect upon | ||||||
7 | becoming law.
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