HB5460 - Illinois Biomanufacturing Act

• Creates the Illinois Biomanufacturing Institute as a public instrumentality under the Department of Commerce and Economic Opportunity, governed by a 7-member Board including the Director of Commerce, President of University of Illinois, and 5 industry representatives appointed by the Governor.

• Establishes the Biomanufacturing Initiative Task Force to advise the Institute on research and development, with members representing universities, medical schools, and the biomanufacturing industry, meeting at least quarterly.

• Creates three special funds in the State treasury: the Biomanufacturing Equity Investment Fund, Biomanufacturing Loan Fund, and Biomanufacturing Grant Fund to support Illinois-based biomanufacturing centers through investments, loans, and grants.

• Provides tax credits for qualifying biomanufacturing centers that make at least $2,000,000 in capital investment over 2 years, create at least 20 full-time jobs paying 120% of county average wage, and achieve carbon neutrality or green building certification within 2 years of operation.

• Allows tax credits against Illinois income tax for biomanufacturing centers certified by the Department, with annual reporting requirements and credit issuance ending after tax year 2040 unless extended by the General Assembly.