Illinois House Bill 2417

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 14 2023 - 25% progression
Action: 2023-05-16 - Committee/Final Action Deadline Extended-9(b) May 19, 2023
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Creates the Illinois Biomanufacturing Act. Establishes the Illinois Biomanufacturing Institute. Directs the Institute to cooperate with biomanufacturing centers in Illinois with the goal of making those centers into incubators of local job creation. Authorizes the Institute to receive financing from the General Assembly. Directs the Institute to prepare an annual report to the Governor and the General Assembly concerning its operations and other relevant information. Creates the Biomanufacturing Initiative Task Force and describes the duties of the Task Force. Directs the Department of Commerce and Economic Opportunity to provide administrative support to the Task Force. Directs the Task Force to prepare for the Institute, the Governor, and the General Assembly an annual report offering its advice on biomanufacturing-related research and development and making related recommendations. Creates the Biomanufacturing Equity Investment Fund, the Biomanufacturing Loan Fund, and the Biomanufacturing Grant Fund as special funds in the State treasury for specified purposes concerning investment in and funding of biomanufacturing centers. Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Provides for tax credits for qualifying biomanufacturing centers. Provides further requirements concerning the issuance of the tax credit. Amends the State Finance Act to provide for specified special funds. Amends the Illinois Income Tax Act to provide for the biomanufacturing center tax credit. Defines terms. Effective immediately.

BIOMANUFACTURING CENTER CREDIT

Rep. Ryan Spain [R]

Date	Chamber	Action
2023-05-16	House	Committee/Final Action Deadline Extended-9(b) May 19, 2023
2023-02-15	House	Referred to Rules Committee
2023-02-15	House	First Reading
2023-02-14	House	Filed with the Clerk by Rep. Ryan Spain

Chapter	Article	Section	Citation Type	Statute Text
20	605	605-1027	New Code	See Bill Text
30	105	5.990	New Code	See Bill Text
30	105	5.991	New Code	See Bill Text
30	105	5.992	New Code	See Bill Text
35	5	229.5	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2417&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB2417.htm