DCCA-SMALL BUSINESS GRANTS
Synopsis of Bill as introduced:
Amends the Civil Administrative Code of Illinois and the State
Finance Act to create the Small Business Incubator Fund. Provides
that the Director of Commerce and Community Affairs may make grants to
small business incubators dedicated to the successful development of
entrepreneurial companies. Provides that the grants shall not exceed
50% of the State income taxes paid in the previous calendar year by
qualified businesses leasing space from eligible small business
incubators. Provides that an amount equal to 50% of these taxes shall
be annually appropriated to the fund. Establishes an application
process for grants and limitations on the use of the grants.
STATE MANDATES FISCAL NOTE
HB2061 fails to create a State mandate.
FISCAL NOTE (Dept. of Revenue)
The Dept. cannot estimate how many businesses qualify or the
amount of State income paid by such businesses, nor estimate
the amount of money that will be diverted from GRF to the Small
Business Incubator Fund annually.
SENATE AMENDMENT NO. 2.
Sets a limit on the amount of the grant given to a small business
incubator. Provides that 5% of the amount appropriated into the Small
Business Incubator Fund shall be allotted to the Department of
Commerce and Community Affairs to administer, oversee, and evaluate
the small business incubator grant process and outcome. Provides that
the small business incubator grant process is repealed on December 31,
2002. Provides that the evaluation of the grant process shall
recommend its continuation or its repeal and shall be submitted to the
Governor and the General Assembly before December 31, 2001.
Last action on Bill: TOTAL VETO STANDS
Last action date: 97-10-30
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1
END OF INQUIRY
Full Text Bill Status