HB1867 Summary

• Creates the Illinois Small Business Fund as a nonappropriated trust fund in the State Treasury to manage proceeds from economic development program investments, including the Venture Capital Investment Program.

• Repeals the Illinois Business Investment Committee and eliminates references to Committee duties, transferring decision-making authority directly to the Department of Commerce and Economic Opportunity.

• Amends the Economic Development for a Growing Economy Tax Credit Act to remove Committee-related provisions and clarify that the Department determines which projects receive tax credits.

• Repeals Section 605-320 of the Department of Commerce and Economic Opportunity Law and Article 11 (Illinois Small Business Incubator Article) of the Build Illinois Act.

• Modifies reporting requirements to allow the Department to provide a link to agreements on its website rather than including full copies in annual reports.