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

HB1855ham001 102ND GENERAL ASSEMBLY

Rep. Jay Hoffman

Filed: 4/20/2021

 

 


 

 


 
10200HB1855ham001LRB102 13766 RJF 25155 a

1
AMENDMENT TO HOUSE BILL 1855

2    AMENDMENT NO. ______. Amend House Bill 1855 by replacing
3everything after the enacting clause with the following:
 
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

 

 

10200HB1855ham001- 2 -LRB102 13766 RJF 25155 a

1institution of higher education.
2    (b) The Department may award matching funds in the form of
3innovation vouchers up to 75% of the cost of the research
4engagement not to exceed $75,000. A business may receive only
5one innovation voucher under this Section per year.
6    (c) The Department when administering the Program under
7this Section:
8        (1) must encourage participation among small and
9    mid-sized businesses;
10        (2) must encourage participation in the Program in
11    diverse geographic and economic areas, including urban,
12    suburban, and rural areas of the State; and
13        (3) must encourage participation in the Program from
14    businesses that operate in key industries, as defined by
15    the Department. These industries include, but are not
16    limited to, the following: (i) agribusiness and agtech;
17    (ii) energy; (iii) information technology; (iv) life
18    sciences and healthcare; (v) manufacturing; and (vi)
19    transportation and logistics.
20    (d) In order to be eligible for an innovation voucher
21under this Section, a business must satisfy all of the
22following conditions:
23        (1) the business must be an Illinois-based business.
24    For the purposes of this Section, "Illinois-based
25    business" means a business that has its principal place of
26    business in this State or that employs at least 100

 

 

10200HB1855ham001- 3 -LRB102 13766 RJF 25155 a

1    full-time employees, as defined under Section 5-5 of the
2    Economic Development for a Growing Economy Tax Credit Act,
3    in this State;
4        (2) the business must remain in this State for the
5    duration of research engagement; and
6        (3) the partnering institution of higher education
7    must be an Illinois-based institution of higher education
8    and non-profit. For the purposes of this Section,
9    "Illinois-based institution of higher education" means an
10    institution of higher education that has its main physical
11    campus in this State.
12    (e) The Department may adopt any rules necessary to
13administer the provisions of this Section.
 
14    Section 99. Effective date. This Act takes effect upon
15becoming law.".