Full Text of HB4881 95th General Assembly
HB4881eng 95TH GENERAL ASSEMBLY
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| AN ACT concerning finances.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 1. Short title. This Act may be cited as the | 5 |
| Emerging Technology Industries Grant Act. | 6 |
| Section 5. Purpose. It is the purpose of this Act to | 7 |
| develop and diversify the economy of the State of Illinois by: | 8 |
| (1) expediting the innovation and commercialization of | 9 |
| research; | 10 |
| (2) attracting, creating, or expanding private-sector | 11 |
| entities that will promote a substantial increase in | 12 |
| high-quality jobs; and | 13 |
| (3) increasing higher education applied technology | 14 |
| research capabilities. | 15 |
| Section 10. Definitions. As used in this Act: | 16 |
| "Department" means the Department of Commerce and Economic | 17 |
| Opportunity. | 18 |
| "Emerging technology enterprise" means a business concern | 19 |
| that is primarily engaged in an emerging technology industry. | 20 |
| "Emerging technology industry" includes, without | 21 |
| limitation, any industry related to: | 22 |
| (1) semiconductors;
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| (2) computer and software technology; | 2 |
| (3) energy; | 3 |
| (4) manufactured energy systems; | 4 |
| (5) micro-electromechanical systems; | 5 |
| (6) nanotechnology; | 6 |
| (7) biotechnology; | 7 |
| (8) medicine; | 8 |
| (9) life sciences;
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| (10) petroleum; | 10 |
| (11) aerospace;
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| (12) defense; and
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| (13) any other pursuit that is determined by the | 13 |
| Department to be an emerging technology industry.
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| "Fund" means the Emerging Technology Grant Fund | 15 |
| established under Section 20 of this Act. | 16 |
| Section 15. Eligibility. An emerging-technology enterprise | 17 |
| is eligible to receive a grant under this Act if the activity | 18 |
| to be funded:
(i) will result in the creation of new jobs in | 19 |
| this State; and
(ii) has the potential to result in the | 20 |
| advancement of a medicine or science. | 21 |
| Section 20. The Emerging Technology Grant Fund. The | 22 |
| Emerging Technology Grant Fund is created as a special fund in | 23 |
| the State treasury. From appropriations to the Department from | 24 |
| the Fund, the Department shall make grants to |
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| emerging-technology enterprises in the State as set forth under | 2 |
| this Act. Moneys received for the purposes of this Section, | 3 |
| including, without limitation, appropriations, repayments of | 4 |
| grant moneys, and gifts, grants, and awards from any public or | 5 |
| private entity, must be deposited into the Fund. Any interest | 6 |
| earnings that are attributable to moneys in the Fund must be | 7 |
| deposited into the Fund. | 8 |
| Section 25. Grant contracts. | 9 |
| (a) Before awarding a grant under this Act, the Department | 10 |
| shall enter into a written contract with the | 11 |
| emerging-technology enterprise to be awarded the grant money. | 12 |
| In the contract, the emerging-technology enterprise shall | 13 |
| guarantee that it will perform the actions expected to be | 14 |
| performed. The contract may specify that: | 15 |
| (1) If all or any portion of the amount of the grant is | 16 |
| used to build a capital improvement: | 17 |
| (A) the State retains a lien or other interest in | 18 |
| the capital improvement in proportion to the | 19 |
| percentage of the grant amount used to pay for the | 20 |
| capital improvements; and
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| (B) the recipient of the grant shall, if the | 22 |
| capital improvement is sold, (i) repay to the State the | 23 |
| grant money used to pay for the capital improvement, | 24 |
| with the interest at the rate and according to the | 25 |
| other terms provided by the agreement, and
(ii) share |
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| with the State a proportionate amount of any profit | 2 |
| realized from the sale; and | 3 |
| (2) If, as of the date certain provided in the | 4 |
| contract, the grant recipient has not used grant money | 5 |
| awarded under this Act for the purposes for which the grant | 6 |
| was intended, then the recipient shall repay that amount | 7 |
| and any related interest applicable under the agreement to | 8 |
| the State at the agreed rate and on the agreed terms. | 9 |
| (b) If an emerging-technology enterprise fails to perform | 10 |
| an action guaranteed by contract before a time specified by | 11 |
| contract, then the enterprise shall return all moneys received | 12 |
| from the Fund. | 13 |
| Section 30. Funding priority. In awarding money from the | 14 |
| Fund under this Act, priority shall be given to proposals that: | 15 |
| (1) involve emerging scientific or technology fields | 16 |
| that have a reasonable probability of enhancing the State's | 17 |
| national and global economic competitiveness; | 18 |
| (2) may result in a medical or scientific advancement;
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| (3) are collaborative between any combination of | 20 |
| private or nonprofit entities and public or private | 21 |
| agencies or institutions in the State;
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| (4) are matched with other available funds, including | 23 |
| funds from the private or nonprofit entity or institution | 24 |
| of higher education collaborating on the project; or
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| (5) have an economic development benefit to the State.
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| Section 35. Research Grant Matching. Amounts allocated | 2 |
| from the Fund for use as provided by this Act must be reserved | 3 |
| to match funding from research sponsors other than this State, | 4 |
| including federal research sponsors. The Department shall | 5 |
| determine proposals eligible for funding under this Act.
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| Section 40. Documentation of benefits.
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| (a) An emerging-technology enterprise that receives a | 8 |
| grant under this Act must document specific benefits that the | 9 |
| State may expect to gain as a result of the grant award. This | 10 |
| documentation must be completed and provided to the Department | 11 |
| before the emerging-technology enterprise may enter into | 12 |
| contract to receive funding under Section 25. | 13 |
| (b) The Department may terminate funding to an | 14 |
| emerging-technology enterprise if the enterprise fails to | 15 |
| realize a benefit specified in the contract, as determined by a | 16 |
| periodic review conducted by the Department.
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| Section 45. No rulemaking. Notwithstanding any other | 18 |
| rulemaking authority that may exist, neither the Governor nor | 19 |
| any agency or agency head under the jurisdiction of the | 20 |
| Governor has any authority to make or promulgate rules to | 21 |
| implement or enforce the provisions of this Act. If, however, | 22 |
| the Governor believes that rules are necessary to implement or | 23 |
| enforce the provisions of this Act, the Governor may suggest |
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| rules to the General Assembly by filing them with the Clerk of | 2 |
| the House and Secretary of the Senate and by requesting that | 3 |
| the General Assembly authorize such rulemaking by law, enact | 4 |
| those suggested rules into law, or take any other appropriate | 5 |
| action in the General Assembly's discretion. Nothing contained | 6 |
| in this Act shall be interpreted to grant rulemaking authority | 7 |
| under any other Illinois statute where such authority is not | 8 |
| otherwise explicitly given. For the purposes of this Section, | 9 |
| "rules" is given the meaning contained in Section 1-70 of the | 10 |
| Illinois Administrative Procedure Act, and "agency" and | 11 |
| "agency head" are given the meanings contained in Sections 1-20 | 12 |
| and 1-25 of the Illinois Administrative Procedure Act to the | 13 |
| extent that such definitions apply to agencies or agency heads | 14 |
| under the jurisdiction of the Governor. | 15 |
| Section 90. The State Finance Act is amended by adding | 16 |
| Section 5.708 as follows: | 17 |
| (30 ILCS 105/5.708 new) | 18 |
| Sec. 5.708. The Emerging Technology Grant Fund.
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| Section 99. Effective date. This Act takes effect upon | 20 |
| becoming law.
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