TECH DEV ACCT-GRANT AUTHORITY
Summary
Amends the Technology Development Act. Removes a provision specifying that the investment of the State Treasurer in any fund created by an Illinois venture capital firm in which the State Treasurer places money shall not exceed 10% of the total investments in the fund. Provides that distributions from a TDA II-Recipient Fund, in an amount not to exceed the commitment amount and total distributions received, may be reinvested into a specified account without being counted against the 5% cap. Provides that specified moneys in the Technology Development Fund may be provided as grants to technology businesses in order to foster, accelerate, and scale technology innovation in Illinois. Modifies the term "technology business" to expand the meaning of technology oriented or emerging activity. Makes conforming changes. Effective immediately.
Bill status
in committee
1 of 4 stages cleared
Introduction
Feb 2020
Committee Review
Floor Vote
Governor
Introduced Feb 4, 2020
Last action Dec 17, 2020
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
22
Key actions
1
Committee
4
Apr 12, 2020
Committee
Pursuant to Senate Rule 3-9(b) / Referred to Assignments
upper
Feb 20, 2020
Upper · Passed
Do Pass Commerce and Economic Development; 010-000-000
upper
Feb 11, 2020
Committee
Assigned to Commerce and Economic Development
upper
Feb 4, 2020
Committee
Referred to Assignments
upper
0 primary · 10 co-sponsors
Sponsors
No sponsor information available.
Ask Maddy
·
AI policy assistant
Ask Maddy about SB 2946
Scope: IL
Hi! I can help you understand SB 2946. What would you like to know?
Try one of these
i
Maddy answers using official bill text and legislative records. Always verify before sharing.
Sources cited inline