SB2373 - Emerging Technology Industries Act

• Creates the Emerging Technology Grant Fund and authorizes the Department of Commerce and Economic Opportunity to award grants to emerging technology enterprises engaged in fields including agricultural science, biotechnology, software, nanotechnology, energy, aerospace, semiconductors, and other emerging technologies.

• Establishes an income tax credit for qualified investors (individuals investing $25,000+, corporations investing $250,000+, or venture capital firms) equal to 25% of their investment in qualified Illinois emerging technology enterprises, capped at $50,000 per individual or $250,000 per corporation/venture firm, with a total annual limit of $15,000,000.

• Requires emerging technology enterprises to have headquarters in Illinois, fewer than 50 employees, be in business less than 10 years, and demonstrate that funded activities will create jobs and advance medicine or science.

• Limits state matching funds for federal Small Business Innovative Research (SBIR) grants to $600,000 per grant and caps total annual grant matching funds at $10,000,000.

• Requires recapture of tax credits if investors sell their ownership interest within 2 years (100% recapture in year one, 67% in year two, 33% in year three), and allows Department revocation if application representations are false.