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Bring Jobs to Illinois – Revive the Emerging Technology Bill May 11, 2010

Posted by Arieh M. Flemenbaum in Business, Business Law, Chicago Business, e-commerce, Law.
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Spur your congressman to take action on legislation that will help bring jobs to and keep technology investments in Illinois.

Your Illinois congressmen have let Senate bill (SB1522) wither. The bill, if passed will pump up to $15,000,000 (per year) into emerging technology companies in Illinois and provide up to a 25% tax credit for Illinois tech company investors under the Illinois “Emerging Technology Industries Act”.

The grant program will be run by the Department of Commerce and Economic Opportunity (the DCEO). The DCEO will award grants to emerging-technology enterprises in Illinois based on certain  requirements set by the Act and its regulations.

Provisions of the bill also amend the Illinois Income Tax Act to create  an income tax credit for qualified investors who make an investment in an emerging technology enterprise in Illinois. The DCEO will certify the amount of the credit and enforce the provisions for the revocation and recapture of the tax credit if the credit’s requirements are not met.

The Act will bring quality, tech-related jobs to  and spur investment in the emerging tech businesses in Chicago and throughout Illinois. Various groups and organizations involved in the tech industry such as the Illinois Technology Association support the bill- see http://www.illinoistech.org/associationnews.aspx/497.

Crain’s Chicago Business recently ran an article (Bill would boost Illinois’ biotech startups) discussing the competitive disadvantage hampering efforts to attracting biotech (and other emerging tech) companies to Illinois:

“Illinois’ programs and support of entrepreneurs don’t even approach what other states are doing from a competitive point of view,” said David Miller, executive director of the Illinois Biotechnology Industry Organization, or iBio.”

For the full article go to: http://www.chicagobusiness.com/cgi-bin/news.pl?id=38095

Show your support for the bill and demand that your Congressman revive the bill and bring quality jobs to Illinois.  To find out who is your Congressman go to: http://www.govtrack.us/congress/findyourreps.xpd?state=IL

Support the Illinois Emerging Technology Legislation!

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Comments»

1. Illinois passes Tax Credits to Boost Tech Investment « Chicago Business bLAWg - June 2, 2010

[…] our post on 5/11/10 we supported the revival of Senate Bill 1522 (go to: Bring Jobs to Illinois – Revive the Emerging Technology Bill). A pared-down version of  SB1522  was resurrected and incorporated into the bill that was […]


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