(Chicago, IL) — July 25, 2011. Governor Pat Quinn today signed legislation to boost state investment in high-technology, venture capital firms.
The law will enable the state to invest up to 2% of its investment portfolio, or $150 million, in technology-focused venture capital firms seeking to expand or to relocate in Illinois.
“This important new law allows us to invest in the companies that invest in Illinois, creating high-paying jobs for our skilled workforce,” said Quinn, who has relentlessly promoted every job-related bill signing or business tax credit expenditure since the fall of 2010.
The legislation, Senate Bill 107, sponsored by State Senator Dan Kotowski (D-Park Ridge) and State Rep. Daniel Biss (D-Evanston), allows the state to double its current investment potential in venture capital investment from 1% to 2%, generating an estimated $300 million of venture capital investment into Illinois companies.
Companies may use the funding for activities such as research and development, marketing new products and workforce expansion.
“I have been pushing for this legislation for the last three years because I believe these businesses can lead to a stronger Illinois economy,” said Kotowski.
“It is not often that we have the opportunity to pass legislation which simultaneously earns money for the taxpayers and creates good high wage jobs,” said Biss, a freshman lawmaker.