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Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

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20 ILCS 605/605-1055

    (20 ILCS 605/605-1055)
    (Text of Section from P.A. 101-657)
    Sec. 605-1055. Illinois SBIR/STTR Matching Funds Program.
    (a) There is established the Illinois Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Matching Funds Program to be administered by the Department. In order to foster job creation and economic development in the State, the Department may make grants to eligible businesses to match funds received by the business as an SBIR or STTR Phase I award and to encourage businesses to apply for Phase II awards.
    (b) In order to be eligible for a grant under this Section, a business must satisfy all of the following conditions:
        (1) The business must be a for-profit,
Illinois-based business. For the purposes of this Section, an Illinois-based business is one that has its principal place of business in this State;
        (2) The business must have received an
SBIR/STTR Phase I award from a participating federal agency in response to a specific federal solicitation. To receive the full match, the business must also have submitted a final Phase I report, demonstrated that the sponsoring agency has interest in the Phase II proposal, and submitted a Phase II proposal to the agency.
        (3) The business must satisfy all federal
SBIR/STTR requirements.
        (4) The business shall not receive concurrent
funding support from other sources that duplicates the purpose of this Section.
        (5) The business must certify that at least
51% of the research described in the federal SBIR/STTR Phase II proposal will be conducted in this State and that the business will remain an Illinois-based business for the duration of the SBIR/STTR Phase II project.
        (6) The business must demonstrate its ability
to conduct research in its SBIR/STTR Phase II proposal.
    (c) The Department may award grants to match the funds received by a business through an SBIR/STTR Phase I proposal up to a maximum of $50,000. Seventy-five percent of the total grant shall be remitted to the business upon receipt of the SBIR/STTR Phase I award and application for funds under this Section. Twenty-five percent of the total grant shall be remitted to the business upon submission by the business of the Phase II application to the funding agency and acceptance of the Phase I report by the funding agency. A business may receive only one grant under this Section per year. A business may receive only one grant under this Section with respect to each federal proposal submission. Over its lifetime, a business may receive a maximum of 5 awards under this Section.
    (d) A business shall apply, under oath, to the Department for a grant under this Section on a form prescribed by the Department that includes at least all of the following:
        (1) the name of the business, the form of
business organization under which it is operated, and the names and addresses of the principals or management of the business;
        (2) an acknowledgment of receipt of the Phase
I report and Phase II proposal by the relevant federal agency; and
        (3) any other information necessary for the
Department to evaluate the application.
(Source: P.A. 101-657, eff. 3-23-21.)
    (Text of Section from P.A. 101-658)
    (Section scheduled to be repealed on January 1, 2024)
    Sec. 605-1055. Personal care products industry supplier disparity study.
    (a) The Department shall compile and publish a disparity study by December 31, 2022 that: (1) evaluates whether there exists intentional discrimination at the supplier or distribution level for retailers of beauty products, cosmetics, hair care supplies, and personal care products in the State of Illinois; and (2) if so, evaluates the impact of such discrimination on the State and includes recommendations for reducing or eliminating any barriers to entry to those wishing to establish businesses at the retail level involving such products. The Department shall forward a copy of its findings and recommendations to the General Assembly and Governor.
    (b) The Department may compile, collect, or otherwise gather data necessary for the administration of this Section and to carry out the Department's duty relating to the recommendation of policy changes. The Department shall compile all of the data into a single report, submit the report to the Governor and the General Assembly, and publish the report on its website.
    (c) This Section is repealed on January 1, 2024.
(Source: P.A. 101-658, eff. 3-23-21.)
    (Text of Section from P.A. 102-330)
    Sec. 605-1055. The Illinois Small Business Fund. The Illinois Small Business Fund is created as a nonappropriated separate and apart trust fund in the State Treasury. The Department shall use moneys in the Fund to manage proceeds that result from investments that the Department has undertaken through economic development programs, including, but not limited to, the Department's Venture Capital Investment Program. The Department may use moneys collected to reinvest in small business and economic development initiatives through grants or loans. The Fund may receive any grants or other moneys designated for small business growth from the State, or any unit of federal or local government, or any other person, firm, partnership, or corporation. Any interest earnings that are attributable to moneys in the Fund must be deposited into the Fund.
(Source: P.A. 102-330, eff. 1-1-22.)
    (Text of Section from P.A. 102-648)
    Sec. 605-1055. Illinois Innovation Voucher Program.
    (a) The Department is authorized to establish the Illinois Innovation Voucher Program to be administered in accordance with this Section for the purpose of fostering research and development in key industry clusters leading to the creation of new products and services that can be marketed by Illinois businesses. Subject to appropriation, the Department may award innovation vouchers to eligible businesses to offset a portion of expenses incurred through a collaborative research engagement with an Illinois institution of higher education.
    (b) Subject to appropriation, the Department may award matching funds in the form of innovation vouchers up to 75% of the cost of the research engagement not to exceed $75,000. A business may receive only one innovation voucher under this Section per year.
    (c) The Department, when administering the Program under this Section:
        (1) must encourage participation among small and
mid-sized businesses;
        (2) must encourage participation in the Program in
diverse geographic and economic areas, including urban, suburban, and rural areas of the State; and
        (3) must encourage participation in the Program from
businesses that operate in key industries, as defined by the Department. These industries include, but are not limited to, the following: (i) agribusiness and agtech; (ii) energy; (iii) information technology; (iv) life sciences and healthcare; (v) manufacturing; and (vi) transportation and logistics.
    (d) In order to be eligible for an innovation voucher under this Section, a business must satisfy all of the following conditions:
        (1) the business must be an Illinois-based business.
For the purposes of this Section, "Illinois-based business" means a business that has its principal place of business in this State or that employs at least 100 full-time employees, as defined under Section 5-5 of the Economic Development for a Growing Economy Tax Credit Act, in this State;
        (2) the business must remain in this State for the
duration of research engagement; and
        (3) the partnering institution of higher education
must be an Illinois-based institution of higher education and non-profit. For the purposes of this Section, "Illinois-based institution of higher education" means an institution of higher education that has its main physical campus in this State.
    (e) The Department may adopt any rules necessary to administer the provisions of this Section.
(Source: P.A. 102-648, eff. 8-27-21.)