Illinois 95th Regular Session Status: Passed Senate 4 D cosponsors

SB 786 — TECHNOLOGY DEVELOPMENT ACCOUNT

Last action — Session Sine Die

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 95th Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Amends the State Finance Act. Makes a technical change in a Section concerning the Budget Stabilization Fund.

Bill Text

What changed in the latest version

94 added · 33 removed

Plain-language change summary

The changes to Bill SB 786 include the creation of a new section establishing the "Technology Development Account II" (TDA IIa), allowing the State Treasurer to invest a portion of the state’s investment portfolio specifically to support technology businesses in Illinois. This account can hold up to 2% of the portfolio to attract and retain quality tech firms, and any earnings can be reinvested without affecting the cap. Additionally, the Treasurer may manage a corresponding private fund that works alongside TDA IIa, further promoting investment in the technology sector. This is significant as it aims to stimulate economic growth and innovation in Illinois by focusing state resources on the technology industry.

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*LRB09505456RCE25546b* SB0786 95TH GENERAL ASSEMBLY State of Illinois and 2008 SB0786 Introduced 2/8/2007, by Sen.
SB0786 Engrossed LRB095 05456 RCE 25546 b AN ACT concerning finance.
Ira I.
Silverstein - Emil Jones, Jr.
SYNOPSIS AS INTRODUCED:
ILCS 105/6z-51 Amends the State Finance Act.
Makes a technical change in a Section concerning the Budget Stabilization Fund.
LRB095 05456 RCE 25546 b A BILL FOR SB0786 LRB095 05456 RCE 25546 b AN ACT concerning finance.
The State Finance Act is amended by changing Section 6z-51 as follows:
The Technology Development Act is amended by adding Section 11 as follows:
(30 ILCS 105/6z-51) Sec.
(30 ILCS 265/11 new) Sec.
6z-51.
11.
Budget Stabilization Fund.
Technology Development Account II.
(a) The The Budget Stabilization Fund, a special fund in the State Treasury, shall consist of moneys appropriated or transferred to that Fund, as provided in Section 6z-43 and as otherwise provided by law.
(a) In addition to the amount provided in Section 10 of this Act, the State Treasurer may segregate a portion of the Treasurer’s investment portfolio, that at no time shall be greater than 2% of the portfolio, in the Technology Development Account IIa ("TDA IIa"), an account that shall be maintained separately and apart from other moneys invested by the Treasurer.
All earnings on Budget Stabilization Fund investments shall be deposited into that Fund.
Distributions from the investments in TDA IIa may be reinvested into TDA IIa without being counted against the 2% cap.
(b) The State Comptroller may direct the State Treasurer to transfer moneys from the Budget Stabilization Fund to the General Revenue Fund in order to meet cash flow deficits resulting from timing variations between disbursements and the receipt of funds within a fiscal year.
The Treasurer may make investments from TDA IIa that help attract, assist, and retain quality technology businesses in Illinois.
Any moneys so borrowed shall be repaid by June 30 of the fiscal year in which they were borrowed.
The earnings on TDA IIa shall be accounted for separately from other investments made by the Treasurer.
(Source:
(b) The Treasurer may solicit proposals from entities to manage and be the General Partner of a separate fund ("Technology Development Account IIb" or "TDA IIb") consisting of investments from private sector investors that must invest, SB0786 Engrossed - 2 - LRB095 05456 RCE 25546 b at the direction of the Treasurer, in tandem with TDA IIa in a pro-rata portion.
P.A.
The Treasurer may enter into an agreement with the entity managing TDA IIb to advise on the investment strategy of TDA IIa and TDA IIb (collectively "Technology Development Account II" or "TDA II") and fulfill other mutually agreeable terms.
92-11, eff.
Funds in TDA IIb shall be kept separate and apart from moneys in the State treasury.
6-11-01;
(c) Moneys in TDA IIa may be invested by the State Treasurer to provide venture capital to technology businesses seeking to locate, expand, or remain in Illinois by placing money with Illinois venture capital firms for investment by the venture capital firms in technology businesses.
92-651, eff.
"Venture capital", as used in this Section, means equity financing that is provided for starting up, expanding, or relocating a company, or related purposes such as financing for seed capital, research and development, introduction of a product or process into the marketplace, or similar needs requiring risk capital.
7-11-02;
"Technology business", as used in this Section, means a company that has as its principal function the providing of services, including computer, information transfer, communication, distribution, processing, administrative, laboratory, experimental, developmental, technical, or testing services, manufacture of goods or materials, the processing of goods or materials by physical or chemical change, computer related activities, robotics, biological or pharmaceutical industrial activity, or technology oriented or emerging SB0786 Engrossed - 3 - LRB095 05456 RCE 25546 b industrial activity.
93-660, eff.
"Illinois venture capital firm", as used in this Section, means an entity that has a majority of its employees in Illinois or that has at least one managing partner or member of the general partner domiciled in Illinois, and that provides equity financing for starting up or expanding a company, or related purposes such as financing for seed capital, research and development, introduction of a product or process into the marketplace, or similar needs requiring risk capital.
7-1-04.)
"Illinois venture capital firm" may also mean an entity that has a track record of identifying, evaluating, and investing in Illinois companies and that provides equity financing for starting up or expanding a company, or related purposes such as financing for seed capital, research and development, introduction of a product or process into the marketplace, or similar needs requiring risk capital.
For purposes of this Section, "track record" means having made, on average, at least one investment in an Illinois company in each of its funds if the Illinois venture capital firm has multiple funds or at least 2 investments in Illinois companies if the Illinois venture capital firm has only one fund.
In no case shall more than 10% of the capital in the TDA IIa be invested in firms based outside of Illinois.
(d) Any fund created by an Illinois venture capital firm in which the State Treasurer places money pursuant to this Section shall be required by the State Treasurer to seek investments in technology businesses seeking to locate, expand, or remain in SB0786 Engrossed - 4 - LRB095 05456 RCE 25546 b Illinois.
(e) Notwithstanding the limitation found in subsection (d) of Section 10 of this Act, the investment of the State Treasurer in any fund created by an Illinois venture capital firm in which the State Treasurer places money pursuant to this Section shall not exceed 15% of the total investments in the fund.
(f) The State Treasurer shall not invest more than one-third of Technology Development Account II in any given calendar year.
If in any calendar year less than one-third of Technology Development Account II is invested, 50% of the shortfall may be invested in the following calendar year in addition to the regular one-third investment.
(g) The Treasurer may deposit no more than 10% of the earnings of the investments in the Technology Development Account IIa into the Technology Development Fund.
Section 99.
Effective date.
This Act takes effect upon becoming law.
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Action History

  1. Session Sine Die

  2. Added Alternate Co-Sponsor Rep. Raymond Poe

  3. Added Alternate Co-Sponsor Rep. Kevin Joyce

  4. Added Alternate Co-Sponsor Rep. Kathleen A. Ryg

  5. Added Alternate Co-Sponsor Rep. Al Riley

  6. Added Alternate Co-Sponsor Rep. Harry Osterman

  7. Added Alternate Co-Sponsor Rep. Joseph M. Lyons

  8. Added Alternate Co-Sponsor Rep. Gary Hannig

  9. Added Alternate Co-Sponsor Rep. Lisa M. Dugan

  10. Added Alternate Co-Sponsor Rep. William Davis

  11. Added Alternate Co-Sponsor Rep. Marlow H. Colvin

  12. Added Alternate Co-Sponsor Rep. Mike Bost

  13. Added Alternate Co-Sponsor Rep. Bob Biggins

  14. Added Alternate Co-Sponsor Rep. Susana A Mendoza

  15. Added Alternate Chief Co-Sponsor Rep. Tom Cross

  16. Alternate Chief Co-Sponsor Removed Rep. Susana A Mendoza

  17. Added Alternate Co-Sponsor Rep. Elizabeth Coulson

  18. Added Alternate Co-Sponsor Rep. Naomi D. Jakobsson

  19. Added Alternate Co-Sponsor Rep. Sara Feigenholtz

  20. Added Alternate Co-Sponsor Rep. Monique D. Davis

  21. Added Alternate Co-Sponsor Rep. Kenneth Dunkin

  22. Added Alternate Co-Sponsor Rep. Greg Harris

  23. Added Alternate Chief Co-Sponsor Rep. Arthur L. Turner

  24. Added Alternate Chief Co-Sponsor Rep. Susana A Mendoza

  25. Added Alternate Chief Co-Sponsor Rep. Maria Antonia Berrios

  26. Referred to Rules Committee

  27. First Reading

  28. Added Alternate Chief Co-Sponsor Rep. John A. Fritchey

  29. Chief House Sponsor Rep. David E. Miller

  30. Placed on Calendar Order of First Reading

  31. Arrived in House

  32. Third Reading - Passed; 058-000-000

  33. Added as Co-Sponsor Sen. Jacqueline Y. Collins

  34. Added as Co-Sponsor Sen. Don Harmon

  35. Added as Co-Sponsor Sen. Pamela J. Althoff

  36. Added as Chief Co-Sponsor Sen. Susan Garrett

  37. Added as Chief Co-Sponsor Sen. Kirk W. Dillard

  38. Placed on Calendar Order of 3rd Reading April 9, 2008

  39. Senate Floor Amendment No. 1 Adopted; Schoenberg

  40. Recalled to Second Reading

  41. Chief Sponsor Changed to Sen. Jeffrey M. Schoenberg

  42. Added as Chief Co-Sponsor Sen. Dan Kotowski

  43. Senate Floor Amendment No. 1 Recommend Do Adopt State Government and Veterans Affairs; 009-000-000

  44. Senate Floor Amendment No. 1 Rules Refers to State Government and Veterans Affairs

  45. Senate Floor Amendment No. 1 Referred to Rules

  46. Senate Floor Amendment No. 1 Filed with Secretary by Sen. Jeffrey M. Schoenberg

  47. Placed on Calendar Order of 3rd Reading January 10, 2008

  48. Approved for Consideration Rules

  49. Pursuant to Senate Rule 3-9(b) / Referred to Rules

  50. Rule 2-10 Third Reading Deadline Established As December 31, 2007

  51. Rule 2-10 Third Reading Deadline Established As May 31, 2007

  52. Placed on Calendar Order of 3rd Reading March 27, 2007

  53. Second Reading

  54. Placed on Calendar Order of 2nd Reading March 20, 2007

  55. Do Pass Executive; 007-005-000

  56. Assigned to Executive

  57. Referred to Rules

  58. First Reading

  59. Chief Co-Sponsor Sen. Emil Jones, Jr.

  60. Filed with Secretary by Sen. Ira I. Silverstein

Sponsors

  • Jeffrey M. Schoenberg · Cosponsor
  • Susana A Mendoza · Cosponsor
  • Kenneth Dunkin · Cosponsor
  • Monique D. Davis · Cosponsor
  • Sara Feigenholtz · Cosponsor
  • Naomi D. Jakobsson · Cosponsor
  • Elizabeth Coulson · Cosponsor
  • Bob Biggins · Cosponsor
  • Mike Bost · Cosponsor
  • Marlow H. Colvin · Cosponsor
  • William "Will" Davis · Cosponsor
  • Lisa M. Dugan · Cosponsor
  • Gary Hannig · Cosponsor
  • Joseph M. Lyons · Cosponsor
  • Harry Osterman · Cosponsor
  • Al Riley · Cosponsor
  • Kathleen A. Ryg · Cosponsor
  • Raymond Poe · Cosponsor
  • Patrick J. Joyce · Cosponsor
  • Napoleon Harris III · Cosponsor

Sponsorship breakdown

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0 sponsors · 20 co-sponsors · 163 not signed on

Sponsors (0)

None.

Co-sponsors (20)

Not signed on (163)

163 members have not signed on to this bill.

Show all 163 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Third Reading

Passed 58 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 48001
Democrat 9000
Republican 1000
Total 58001
% of votes cast 98%0%0%2%
How each member voted (59)
Member Party Vote
Halvorson — Yea
Hultgren — Yea
Noland — Yea
Lauzen — Yea
Link — Yea
Luechtefeld — Yea
Maloney — Yea
Meeks — Yea
Millner — Yea
Pankau — Yea
Brady — Yea
Peterson — Yea
Schoenberg — Yea
Silverstein — Yea
Steans — Yea
Sullivan — Yea
Munoz — Yea
Trotter — Yea
Viverito — Yea
Wilhelmi — Yea
Cullerton — Yea
Watson — Yea
Jacobs — Yea
Jones, J. — Yea
Demuzio — Yea
Clayborne — Yea
Cronin — Yea
Crotty — Yea
Dahl — Yea
DeLeo — Yea
Dillard — Yea
Forby — Yea
Frerichs — Yea
Garrett — Yea
Haine — Yea
Hendon — Yea
Kotowski — Yea
Radogno — Yea
Raoul — Yea
Righter — Not Voting
Risinger — Yea
Rutherford — Yea
Sandoval — Yea
Althoff — Yea
Martinez — Yea
Bivins — Yea
Bomke — Yea
Bond — Yea
Burzynski — Yea
David Koehler Democrat Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Eva-Dina Delgado Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Laura M. Murphy Democrat Yea
Linda Holmes Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Yea

Official roll call →

Subjects

technology
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 786 do?
Amends the State Finance Act. Makes a technical change in a Section concerning the Budget Stabilization Fund.
Who sponsors SB 786?
SB 786 is sponsored by Jeffrey M. Schoenberg, Susana A Mendoza, Kenneth Dunkin, Monique D. Davis, Sara Feigenholtz (Democrat), Naomi D. Jakobsson, Elizabeth Coulson, Bob Biggins, Mike Bost, Marlow H. Colvin, William "Will" Davis (Democrat), Lisa M. Dugan, Gary Hannig, Joseph M. Lyons, Harry Osterman, Al Riley, Kathleen A. Ryg, Raymond Poe, Patrick J. Joyce (Democrat), and Napoleon Harris III (Democrat).
What is the current status of SB 786?
This bill died with 95th Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 786?
Track SB 786 free on One Click Politics — get push/email alerts when it moves.

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