Illinois General Assembly - Full Text of SB1780

LRB104 09319 HLH 19377 b

104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
SB1780

Introduced 2/5/2025, by Sen. Neil Anderson

SYNOPSIS AS INTRODUCED:

30 ILCS 751/51 new

Amends the Invest in Illinois Act. Provides that no award of economic incentives may be made under the Act to an entity if (i) the entity is organized under the laws of or has its principal place of business in a foreign country of concern or (ii) the government of a foreign country of concern has a controlling interest in the entity.

A BILL FOR

AN ACT concerning finance.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Invest in Illinois Act is amended by adding Section 51 as follows:

(30 ILCS 751/51 new)

Sec. 51. Countries of concern.

(a) Notwithstanding any other provision of law, no award of economic incentives may be made under this Act to an entity if (i) the entity is organized under the laws of or has its principal place of business in a foreign country of concern or (ii) the government of a foreign country of concern has a controlling interest in the entity.

(b) As used in this Section:

"Controlling interest" means possession of the power to direct or cause the direction of the management or policies of a company, whether through ownership of securities, by contract, or otherwise. A person or entity that directly or indirectly has the right to vote 25% or more of the voting interests of the company or is entitled to 25% or more of the company's profits is presumed to possess a controlling interest.

"Foreign country of concern" means the People's Republic of China, the Russian Federation, the Islamic Republic of Iran, the Democratic People's Republic of Korea, the Republic of Cuba, Venezuela, or the Syrian Arab Republic, including any agency of or any other entity of significant control of such foreign country of concern.