IL SB1608

Establishes the Illinois SBIR/STTR Matching Funds Program administered by the Department of Commerce and Economic Opportunity to foster job creation and economic development.

Eligible businesses must be for-profit Illinois-based entities that have received a federal SBIR or STTR Phase I award, submitted a final Phase I report, and have the sponsoring agency's interest in their Phase II proposal.

Awards grants of up to $50,000 per SBIR/STTR Phase I award, with 75% remitted upon Phase I award receipt and 25% upon Phase II proposal submission and agency acceptance.

Requires businesses to certify that at least 51% of Phase II research will be conducted in Illinois and that they will remain Illinois-based throughout the project duration.

Limits each business to one grant per year, one grant per federal proposal, and a lifetime maximum of 5 awards under the program.