UPDATED, March 25

Telecommunications Act

Revamping the Illinois Telecommunications Act is the best way lawmakers can address the need to create jobs in our state in 2010 without affecting the budget.  The legislation, set to sunset this year, was first written in 1985 and has not been significantly updated since 2001.  Over the 25 years since it was last reviewed, significant advancements in technology and the widespread integration of Internet-based tools in nearly every type of company have made this industry more important than ever to the health of our economy.

The rationale for these twenty-five year old policies no longer exists in a world where it has become commonplace to check e-mail, watch movies and trade stocks via mobile phone.  Consumers can chose from multiple communication products ranging from wireline to wireless to Voiceover IP – giving more people access to cutting-edge technologies at more affordable prices.  New broadband technologies have enabled widespread integration of Internet-based tools in nearly every type of company.

While other states, like Michigan, Indiana, Ohio and Wisconsin have recognized these outdated telecom policies no longer apply to today’s technologies and have taken steps to eliminate or update their telecommunications laws, Illinois is still focused on traditional phone companies and residential users. 

Protecting end-users is important, but the conversation needs to be broadened and lawmakers need to consider the impact that telecommunications policy has on thousands of small and emerging companies – and their employees.

The only thing Illinois’ telecom laws are doing today is stifling investment in critical infrastructure on which Illinois businesses and consumers depend and our state is losing out on jobs and industries dependent on the these new technologies. 

Technology Sector Growth and Investment
Creating a regulatory environment conducive to innovation, providing seed money for start-ups and promoting tax-based incentives for investors and technology companies are just a few of the ways Illinois can help to create an environment that will encourage new and emerging technology businesses.  This growth will create jobs and help to spur the economy.

Senate Bill 3654, Emerging Technology Industries Act – Senator Frerichs, Rep. Black

ITP is supporting the Emerging Technology Industries Act which will help to nurture and retain start-up technology businesses in Illinois.  Specifically the legislation:

• Establishes a program to award grants to qualifying emerging technology businesses in Illinois, and
• Creates an income tax credit for qualified investors who make an investment in emerging technology companies in Illinois.

There will be an estimated 1 million new technology jobs over the next five years, and these will be “jobs that create jobs”.  By enacting policies such as the Emerging Technology Industries Act we can retain these innovative, Illinois-based start-ups that have the potential to create jobs for residents in our state.

Click here for more information

SB 3655, Technology Development Act – Senator Kotowski, Rep. Currie

This amendment to the Technology Development Act works to attract, assist, and retain quality technology businesses in Illinois by authorizing the State Treasurer to allocate up to 2% of the Treasurer’s investment portfolio in the Technology Development Account IIa.

Media and industry experts commonly point to the flight of technology start-ups to the coasts.  Legislation such as the Technology Investment Act help to create an environment that fosters the growth of these companies in an effort to keep them here in Illinois.

Click here for more information

SB 3710, Angel Investment Credit -  Senator Kotowski, Rep. Currie

Amends the Illinois Income Tax Act. Creates income tax credits, equal to 25 % of the amount invested, by a taxpayer in a qualified new business venture, including investments made through an investment fund manager.

Click here for more information.

SB 3638, Illinois Innovation Zone Act – Senator Bond, Rep. Currie
Specifies the criteria for an area to qualify as an Innovation Zone. Including:
• Income tax deductions and State and local regulatory alternatives.
• Amends the State Finance Act to create the Innovation Zone Loan Fund as a special fund in the State treasury.
• Amends the Illinois Income Tax Act and the Economic Development for a Growing Economy Tax Credit Act to add provisions concerning tax credits for businesses located in a Zone.

Click here for more information

HB 4636 Electronic Products Recycling and Reuse Act - Rep. Myers

Encourages recycling of electronics by accelerating the enactment of laws that prohibit individuals from disposing items such as computers, televisions and printers in a landfill.

Click here for more information.

HB 3770, Clean Energy and Technology Promotion Act - Rep. Crespo

Allocates incremental income tax toward the Intermodal Facilities Promotion Fund for each employee at a business or organization that:
• Derives at least 75% of its business activity during the taxable year directly from clean energy technology, and
• Employs between 10 and 99 full-time employees

Click here for more information.

HB 3969, Illinois Income Tax Act - Rep. Walker

Amends the Illinois Income Tax Act to provide a credit for 25% of the taxpayers equity investment in a qualified new business venture, including investments made through a certified fund manager.

Click here for more information.

You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.