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Public Act 097-0406 | ||||
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AN ACT concerning finance.
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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 5. The State Finance Act is amended by adding | ||||
Sections 5.786 and 6z-87 as follows: | ||||
(30 ILCS 105/5.786 new) | ||||
Sec. 5.786. The Small Business Development Grant Fund. | ||||
(30 ILCS 105/6z-87 new) | ||||
Sec. 6z-87. The Small Business Development Grant Fund. | ||||
(a) The Small Business Development Grant Fund is created as | ||||
a special fund in the State treasury. Subject to appropriation, | ||||
the Department of Commerce and Economic Opportunity shall make | ||||
grants from the Fund: | ||||
(1) to small businesses in the State that commit to | ||||
using the grant moneys to create additional jobs; | ||||
(2) to small businesses from outside of the State that | ||||
commit to relocate within the State; and | ||||
(3) for individual projects that create 100 or fewer | ||||
additional jobs. | ||||
(b) For the purposes of this Section, "small business" | ||||
means a legal entity, including a corporation, partnership, or | ||||
sole proprietorship that: |
(1) is formed for the purpose of making a profit; | ||
(2) is independently owned and operated; and | ||
(3) has fewer than 100 employees. | ||
(c) In making grants under this Section, the Department of | ||
Commerce and Economic Opportunity shall give priority to | ||
minority owned businesses, female owned businesses, and | ||
businesses owned by a person with a disability, as those terms | ||
are defined in the Business Enterprise for Minorities, Females, | ||
and Persons with Disabilities Act. | ||
(d) In making grants under this Section, the Department of | ||
Commerce and Economic Opportunity shall also give priority to | ||
small businesses that pledge not to pay any of the grant moneys | ||
to an executive of the business in the form of compensation | ||
above the executive's base salary. | ||
(e) In making grants under this Section, the Department of | ||
Commerce and Economic Opportunity shall also give priority to | ||
small businesses that have as their primary purpose the | ||
provision of energy derived from renewable energy technology. | ||
For the purposes of this Section, "renewable energy technology" | ||
means
any technology that exclusively relies on an energy | ||
source that is
naturally regenerated over a short time and | ||
derived (i) directly from
the sun, (ii) indirectly from the | ||
sun, or (iii) from moving water or other
natural movements and | ||
mechanisms of the environment. The term "renewable
energy | ||
technology" includes sources that rely on energy derived
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directly from the sun, on wind, geothermal, hydroelectric, |
wave, or
tidal energy, or on biomass or biomass-based waste | ||
products,
including landfill gas. The term "renewable energy | ||
technology" does not
include energy resources derived from | ||
fossil fuels, waste products
from fossil fuels, or waste | ||
products from inorganic sources.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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