Public Act 097-0406
 
HB2073 EnrolledLRB097 08827 PJG 48957 b

    AN ACT concerning finance.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The State Finance Act is amended by adding
Sections 5.786 and 6z-87 as follows:
 
    (30 ILCS 105/5.786 new)
    Sec. 5.786. The Small Business Development Grant Fund.
 
    (30 ILCS 105/6z-87 new)
    Sec. 6z-87. The Small Business Development Grant Fund.
    (a) The Small Business Development Grant Fund is created as
a special fund in the State treasury. Subject to appropriation,
the Department of Commerce and Economic Opportunity shall make
grants from the Fund:
        (1) to small businesses in the State that commit to
    using the grant moneys to create additional jobs;
        (2) to small businesses from outside of the State that
    commit to relocate within the State; and
        (3) for individual projects that create 100 or fewer
    additional jobs.
    (b) For the purposes of this Section, "small business"
means a legal entity, including a corporation, partnership, or
sole proprietorship that:
        (1) is formed for the purpose of making a profit;
        (2) is independently owned and operated; and
        (3) has fewer than 100 employees.
    (c) In making grants under this Section, the Department of
Commerce and Economic Opportunity shall give priority to
minority owned businesses, female owned businesses, and
businesses owned by a person with a disability, as those terms
are defined in the Business Enterprise for Minorities, Females,
and Persons with Disabilities Act.
    (d) In making grants under this Section, the Department of
Commerce and Economic Opportunity shall also give priority to
small businesses that pledge not to pay any of the grant moneys
to an executive of the business in the form of compensation
above the executive's base salary.
    (e) In making grants under this Section, the Department of
Commerce and Economic Opportunity shall also give priority to
small businesses that have as their primary purpose the
provision of energy derived from renewable energy technology.
For the purposes of this Section, "renewable energy technology"
means any technology that exclusively relies on an energy
source that is naturally regenerated over a short time and
derived (i) directly from the sun, (ii) indirectly from the
sun, or (iii) from moving water or other natural movements and
mechanisms of the environment. The term "renewable energy
technology" includes sources that rely on energy derived
directly from the sun, on wind, geothermal, hydroelectric,
wave, or tidal energy, or on biomass or biomass-based waste
products, including landfill gas. The term "renewable energy
technology" does not include energy resources derived from
fossil fuels, waste products from fossil fuels, or waste
products from inorganic sources.
 
    Section 99. Effective date. This Act takes effect upon
becoming law.