SB3654 - Emerging Technology Industries Act

• Creates the Emerging Technology Grant Fund administered by the Department of Commerce and Economic Opportunity to provide grants to emerging technology enterprises in Illinois for activities that create jobs and advance medicine or science.

• Establishes a 25% tax credit for qualified investors investing in Illinois emerging technology enterprises, capped at $50,000 for individuals and $250,000 for corporations or venture capital firms, with a total annual limit of $15,000,000 in credits.

• Defines eligible emerging technology enterprises as companies with fewer than 50 employees, in business for 10 years or less, headquartered in Illinois, and certified by the Department in industries including biotechnology, software, energy, aerospace, semiconductors, and nanotechnology.

• Requires grant recipients to document expected benefits and obligates repayment if grant funds are not used as intended or if performance obligations are not met within specified timeframes.

• Imposes a 2-year holding period for investments; if investors sell their ownership interest within 2 years, they must recapture 100% to 33% of the tax credit depending on timing.