IL HB0376

Creates the Commission on the Future of Economic Development of the African American Community within the Department of Commerce and Economic Opportunity with 12 voting members appointed by the Governor representing industries including agriculture, transportation, construction, financial services, information technology, biotechnology, and manufacturing.

Requires the Commission to submit biennial comprehensive economic development strategies to the Governor and General Assembly by October 1 of each even-numbered year, including assessments, goals, recommendations for removing employment barriers, and program inventories.

Establishes the African American Community Economic Development Fund as a special fund in the state treasury to support grants recommended by the Commission to public and private entities for economic development in the African American community.

Mandates the Commission meet at least 4 times per year and consult with legislative committees, state agencies, private businesses, nonprofits, and local organizations on economic development needs and opportunities.

Requires $20,000,000 to be transferred annually from the State Gaming Fund to the African American Community Economic Development Fund after other fund allocations are made.