SB1690 Summary

• Creates the Illinois Small Business Fund as a nonappropriated trust fund within the State Treasury to manage proceeds from Department of Commerce and Economic Opportunity investment programs, including the Venture Capital Investment Program, and to reinvest collected funds in small business and economic development initiatives through grants or loans.

• Removes references to an Illinois Business Investment Committee throughout the Economic Development for a Growing Economy Tax Credit Act, transferring decision-making authority directly to the Department of Commerce and Economic Opportunity.

• Modifies tax credit eligibility and award determinations to be made by the Department rather than by a committee, while maintaining existing conditions for project approval including economic soundness, cost differentials with competing states, and positive fiscal impact to the State.

• Repeals former Section 605-320 of the Department of Commerce and Economic Opportunity Law and Article 11 of the Build Illinois Act, consolidating economic development program authority.

• Updates annual reporting requirements to have the Department submit reports directly to the Governor and General Assembly, with option to provide links to agreements on the Department's website rather than copies.