Illinois General Assembly - Full Text of HB1855
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Full Text of HB1855  102nd General Assembly

HB1855enr 102ND GENERAL ASSEMBLY

  
  
  

 


 
HB1855 EnrolledLRB102 13766 RJF 19116 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Department of Commerce and Economic
5Opportunity Law of the Civil Administrative Code of Illinois
6is amended by adding Section 605-1060 as follows:
 
7    (20 ILCS 605/605-1060 new)
8    Sec. 605-1060. Illinois Innovation Voucher Program.
9    (a) The Department is authorized to establish the Illinois
10Innovation Voucher Program to be administered in accordance
11with this Section for the purpose of fostering research and
12development in key industry clusters leading to the creation
13of new products and services that can be marketed by Illinois
14businesses. The Department may award innovation vouchers to
15eligible businesses to offset a portion of expenses incurred
16through a collaborative research engagement with an Illinois
17institution of higher education.
18    (b) The Department may award matching funds in the form of
19innovation vouchers up to 75% of the cost of the research
20engagement not to exceed $75,000. A business may receive only
21one innovation voucher under this Section per year.
22    (c) The Department when administering the Program under
23this Section:

 

 

HB1855 Enrolled- 2 -LRB102 13766 RJF 19116 b

1        (1) must encourage participation among small and
2    mid-sized businesses;
3        (2) must encourage participation in the Program in
4    diverse geographic and economic areas, including urban,
5    suburban, and rural areas of the State; and
6        (3) must encourage participation in the Program from
7    businesses that operate in key industries, as defined by
8    the Department. These industries include, but are not
9    limited to, the following: (i) agribusiness and agtech;
10    (ii) energy; (iii) information technology; (iv) life
11    sciences and healthcare; (v) manufacturing; and (vi)
12    transportation and logistics.
13    (d) In order to be eligible for an innovation voucher
14under this Section, a business must satisfy all of the
15following conditions:
16        (1) the business must be an Illinois-based business.
17    For the purposes of this Section, "Illinois-based
18    business" means a business that has its principal place of
19    business in this State or that employs at least 100
20    full-time employees, as defined under Section 5-5 of the
21    Economic Development for a Growing Economy Tax Credit Act,
22    in this State;
23        (2) the business must remain in this State for the
24    duration of research engagement; and
25        (3) the partnering institution of higher education
26    must be an Illinois-based institution of higher education

 

 

HB1855 Enrolled- 3 -LRB102 13766 RJF 19116 b

1    and non-profit. For the purposes of this Section,
2    "Illinois-based institution of higher education" means an
3    institution of higher education that has its main physical
4    campus in this State.
5    (e) The Department may adopt any rules necessary to
6administer the provisions of this Section.
 
7    Section 99. Effective date. This Act takes effect upon
8becoming law.