IL HB1855

Establishes the Illinois Innovation Voucher Program administered by the Department of Commerce and Economic Opportunity to support research and development in key industry clusters.

Awards matching funds up to 75% of research engagement costs, not to exceed $75,000 per voucher, with businesses limited to one voucher per year.

Targets small and mid-sized businesses in diverse geographic areas (urban, suburban, rural) operating in industries including agribusiness, energy, information technology, life sciences, manufacturing, and transportation/logistics.

Requires eligible businesses to be Illinois-based with principal operations or at least 100 full-time employees in the state, and mandates partnership with a nonprofit Illinois-based institution of higher education.

Takes effect upon becoming law.