New Legislation Encourages Technology Research & Development

Today, Illinois made another investment in technology.  Governor Pat Quinn signed legislation that extends a 6.5% Research and Development Tax Credit for investors who supply funds for new technologies and product development.

According to the Senate Democrat’s website, State Senator Dan Kotowski (D-Park Ridge), who sponsored the bill said:

“Today is a victory for small business owners, aspiring entrepreneurs and hard-working men and women across our state,”

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“Encouraging investment in Illinois companies is a practical solution that creates jobs and helps our economy.”

Illinois continues to be one of 38 states that provide a tax credit for research and development.  According to the U.S. Bureau of Labor Statistics, every dollar of tax credit leads to a dollar in research in development.

In regards to the law, Governor Pat Quinn said in a statement on his website:

“With this new law, we are encouraging more companies to invest in Illinois – and the Illinois worker – by creating an environment where innovation can grow and thrive.”

Gov. Quinn Signs Modern Telecom Laws

Thank you to all of ITP’s members and Advisory Board partners for your support of modern technology policies in Illinois!  Today, Gov. Quinn signed legislation to update our state’s 25-year old telephone laws, paving the way for investment in broadband.  This will help many tech-based companies grow and create jobs in Illinois.

Gov. Quinn Signs SB 107

Springfield Wrap Up

Here is a list of positive measures that passed the House and Senate this year and are awaiting Governor Quinn’s signature:

SB 107, Updated Telecommunications Policies
Our state’s telecommunications laws are 25-years old, and these outdated policies are hindering investment in new technologies that could create thousands of jobs for Illinois residents and help support emerging technology companies.  Recognizing the important need to update these laws to spur broadband deployment, economic growth and job creation in Illinois, the House and Senate passed SB 107 unanimously.

SB 3655, the Technology Development Act
The technology sector is creating more quality, high-paying jobs than nearly any other sector in our economy.  Creating an environment where companies can grow and consumers have access to new products and services is part of ITP’s mission.

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, which will be used to invest in Illinois-based companies.

SB 3638, Illinois Innovation Zone Act

The Illinois Innovation Zone Act specifies criteria for an area, usually an area with higher concentrations of technology businesses and entrepreneurs, to qualify as an Innovation Zone.  Innovation Zones help existing technology companies grow in Illinois and also attract new businesses to our state through tax incentives, loans and financial assistance.

We are confident Governor Quinn will join the state legislature in supporting these technology initiatives by signing these important bills into law.

Unfortunately another bill ITP supported, SB 3654, the Emerging Technology Industries Act, did not pass this year, but we will continue to promote forward-thinking policies that support investment and growth in Illinois technology companies and services.