Bill Text: IL HB1855 | 2021-2022 | 102nd General Assembly | Chaptered

Bill Title: Reinserts the provisions of the introduced bill with changes. Removes provision allowing the Illinois Innovation Voucher Program to be administered by an Illinois non-profit membership organization whose mission is to cultivate innovation and technology-based economic development in Illinois. Makes conforming changes. Effective immediately.

Spectrum: Slight Partisan Bill (Democrat 3-1)

Status: (Passed) 2021-08-20 - Public Act . . . . . . . . . 102-0421 [HB1855 Detail]

Download: Illinois-2021-HB1855-Chaptered.html

Public Act 102-0421
HB1855 EnrolledLRB102 13766 RJF 19116 b
AN ACT concerning State government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Department of Commerce and Economic
Opportunity Law of the Civil Administrative Code of Illinois
is amended by adding Section 605-1060 as follows:
(20 ILCS 605/605-1060 new)
Sec. 605-1060. 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. 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) 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.
Section 99. Effective date. This Act takes effect upon
becoming law.