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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB3394 Introduced , by Rep. Darlene J. Senger SYNOPSIS AS INTRODUCED:
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| New Act | | 15 ILCS 520/22.3 new | | 30 ILCS 105/5.826 new | |
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Creates the Illinois Emerging Technology Act. Provides for the creation of the Emerging Technology Advisory Panel. Provides that the Emerging Technology Advisory Panel shall consist of 9 members. Sets forth the appointment, terms, and duties of the members. Provides that the Department of Commerce and Economic Opportunity, with the assistance of the Emerging Technology Advisory Panel, shall establish the Illinois Emerging Technology Program to make grants, loans, and equity investments from the Illinois Emerging Technology Fund to entrepreneurs involved with emerging technologies. Amends the Deposit of State Moneys Act. Requires that the State Comptroller direct and the State Treasurer transfer from the General Revenue Fund to the Illinois Emerging Technology Fund an amount no less than $75,000,000 and no more than $100,000,000. Amends the State Finance Act to create the Illinois Emerging Technology Fund as a special fund in the State treasury.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB3394 | | LRB098 08338 JDS 38443 b |
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1 | | AN ACT concerning State government.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 1. Short title. This Act may be cited as the |
5 | | Illinois Emerging Technology Act.
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6 | | Section 5. Purpose. The purpose of this Act is to create a |
7 | | loan and grant program to encourage and assist entrepreneurs |
8 | | involved with emerging technologies, especially entrepreneurs |
9 | | of for-profit corporations that receive venture capital from |
10 | | the private business sector and are founded or headed by |
11 | | persons affiliated with public and private institutions of |
12 | | higher education located within the State.
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13 | | Section 10. Emerging Technology Advisory Panel. The |
14 | | Emerging Technology Advisory Panel is created. The Panel shall |
15 | | consist of 9 members. The Governor shall appoint 5 members of |
16 | | the Panel. The Speaker and Minority Leader of the House of |
17 | | Representatives and the President and the Minority Leader of |
18 | | the Senate shall each appoint one member of the Panel. Members |
19 | | must be involved in the private business sector or retired from |
20 | | employment in the private business sector. The Governor shall |
21 | | appoint one of the members to be the chairperson. |
22 | | With the exception of the initial appointments, members |