Illinois Senate Bill 10 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 4-0)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Creates the Emerging Technology Industries Act. Requires the Department of Commerce and Economic Opportunity to establish and maintain a program to award grants to emerging-technology enterprises in the State. Sets forth eligibility requirements and funding priorities for awarding the grants, and sets forth procedures for awarding the grants. Requires written contracts in which the emerging-technology enterprise guarantees that it will perform the actions expected to be performed. Sets dollar limits on matching funds for federal Small Business Innovative Research (SBIR) grants and total grant matching funds per year. Limits total credits to $15,000,000 in any one State fiscal year. Amends the State Finance Act to create the Emerging Technology Grant Fund. Amends the Illinois Income Tax Act. Creates an income tax credit for qualified investors who make an investment in an emerging technology enterprise in the State. Provides that the Department of Commerce and Economic Opportunity must certify the amount of the credit and sets forth the procedures for the application and certification of the credit. Sets forth provisions for the revocation and recapture of the tax credit. Contains other provisions. Effective immediately.

EMERGING TECHNOLOGY INVESTMENT

Sen. Michael Frerichs [D]

Sen. Jacqueline Collins [D]

Sen. Linda Holmes [D]

Sen. Mike Jacobs [D]

Date	Chamber	Action
2013-01-08	Senate	Session Sine Die
2011-03-18	Senate	Rule 3-9(a) / Re-referred to Assignments
2011-03-17	Senate	Added as Chief Co-Sponsor Sen. Linda Holmes
2011-03-10	Senate	Added as Co-Sponsor Sen. Mike Jacobs
2011-03-10	Senate	Postponed - Revenue
2011-03-03	Senate	To Revenue Subcommittee on Tax Credits
2011-02-15	Senate	Postponed - Revenue
2011-02-15	Senate	Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins
2011-02-09	Senate	Assigned to Revenue
2011-01-27	Senate	Referred to Assignments
2011-01-27	Senate	First Reading
2011-01-27	Senate	Filed with Secretary by Sen. Michael W. Frerichs

Chapter	Article	Section	Citation Type	Statute Text
30	105	5.786	New Code	See Bill Text
35	5	221	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=10&GAID=11&DocTypeID=SB&SessionID=84&GA=97
Text	https://www.ilga.gov/legislation/97/SB/09700SB0010.htm