Gov. Pat Quinn signed legislation Monday designed to grow Illinois' technology sector and create jobs.
Senate Bill 107 invests in technology companies with an eye toward high-paying job creation. It expands on the previous Technology Development Account (TDA I), which allowed the state to invest up to 1 percent of its investment portfolio in venture capital firms that invested in high-tech businesses. Under the new bill, 2 percent can now be invested.
The state is now expected to invest $150 million into venture capital funds, which could generate $300 million for Illinois businesses to use for research and development, marketing and workforce expansion.
The bill was sponsored by Sen. Dan Kotowski (D-Park Ridge) and Rep. Daniel Biss (D-Evanston).
Quinn also signed House Bill 1876 Monday, which helps the state’s public universities and community colleges to start technology entrepreneur centers designed to encourage students to create marketable innovative goods and services.
Both bills go into effect immediately.