90th General Assembly
Status of SB1238
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PARKER.

   20 ILCS 605/46.70 new                                                       
   30 ILCS 105/5.480 new                                                       

        Amends the Civil Administrative Code of Illinois  and  the  State      
   Finance  Act  to  create  the Small Business Incubator Fund.  Provides      
   that the Director of Commerce and Community Affairs may make grants to      
   small business incubators dedicated to the successful  development  of      
   entrepreneurial  companies.  Provides that the grants shall not exceed      
   50% of the State income taxes paid in the previous  calendar  year  by      
   qualified  businesses  leasing  space  from  eligible  small  business      
   incubators.  Provides that an amount equal to 50% of these taxes shall      
   be  annually  appropriated  to  the  fund.  Establishes an application      
   process for grants and limitations on the use of the grants.  Provides      
   that the  small  business  incubator  grant  process  is  repealed  on      
   December  31, 2003.  Provides that the evaluation of the grant process      
   shall recommend its continuation or its repeal and shall be  submitted      
   to  the  Governor  and  the General Assembly before December 31, 2002.      
   Effective immediately.                                                      
   98-01-14  S  FIRST READING                                                  
   98-01-14  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   99-01-12  S  SESSION SINE DIE                                               

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 Full Text  Bill Summary