Synopsis As Introduced Creates the Illinois Opportunity Fund Act. Contains provisions intended to increase the availability and facilitate the delivery of institutional venture capital to emerging and expanding enterprises in the State of Illinois. Defines the role of the Department of Commerce and Economic Opportunity. Creates the Illinois Opportunity Fund and provides for the creation of the Illinois Capital Investment Corporation. Amends the State Finance Act to create the Illinois Opportunity Special Projects Fund. Amends the Illinois State Auditing Act to authorize audits of the Corporation and the Fund. Contains other provisions. Effective immediately.
Fiscal Note (Department of Commerce and Economic Opportunity)
The fiscal impact of Senate Bill 3219 on the Department of Commerce and Economic Opportunity is estimated to be up to $250,000 to obtain contractual expertise necessary, above and beyond that of existing staff, to establish the Illinois Capital Investment Corporation, recommend candidates for the board of directors, develop and approve investment objectives for the Illinois Opportunity Fund, and to allocate, issue, track, and manage contingent tax credits authorized by this legislation.