Illinois General Assembly - Bill Status for SB0010
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 Bill Status of SB0010  9th General Assembly


Senate Sponsors
Sen. Michael W. Frerichs - Jacqueline Y. Collins - Linda Holmes and Mike Jacobs

Last Action
DateChamber Action
  1/8/2013SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act
30 ILCS 105/5.786 new
35 ILCS 5/221 new

Synopsis As Introduced
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.

DateChamber Action
  1/27/2011SenateFiled with Secretary by Sen. Michael W. Frerichs
  1/27/2011SenateFirst Reading
  1/27/2011SenateReferred to Assignments
  2/9/2011SenateAssigned to Revenue
  2/15/2011SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
  2/15/2011SenatePostponed - Revenue
  3/3/2011SenateTo Revenue Subcommittee on Tax Credits
  3/10/2011SenatePostponed - Revenue
  3/10/2011SenateAdded as Co-Sponsor Sen. Mike Jacobs
  3/17/2011SenateAdded as Chief Co-Sponsor Sen. Linda Holmes
  3/18/2011SenateRule 3-9(a) / Re-referred to Assignments
  1/8/2013SenateSession Sine Die

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