SB1693: DCEO-INDUSTRIAL BIOTECHNOLOGY

Legislative Summary

Reinserts the provisions of the engrossed bill with changes. Makes changes to the membership of the Industrial Biotechnology Public-Private Partnership. Provides that members shall be appointed within 90 days (instead of 30 days) after the effective date of the Act. Provides that the Partnership shall develop and direct efforts to attract companies to use existing Illinois facilities for research, development, and pre-commercialization activities. Provides that the Department of Commerce and Economic Opportunity, or a non-profit organization designated by the Department of Commerce and Economic Opportunity, shall provide administrative and other support to the Partnership (instead of the Department of Commerce and Economic Opportunity alone). Provides that the Partnership is dissolved on December 31, 2025. Provides that certain grant programs created in the engrossed bill are subject to appropriation. Contains provisions concerning private matching funds necessary for the expenditure of funds appropriated to the Department of Commerce and Economic Opportunity for the use of the Industrial Biotechnology Public-Private Partnership. Provides that reports concerning the grant programs established in the bill are due on or before January 31 of the year following the fiscal year in which the moneys are allocated. Removes amendatory provisions requiring the Department of Revenue to evaluate the Economic Development for a Growing Economy Tax Credit Program. Makes conforming and other changes.