HB2417 - BIOMANUFACTURING CENTER CREDIT

1 Co-Sponsor

Creates the Illinois Biomanufacturing Act. Establishes the Illinois Biomanufacturing Institute. Directs the Institute to cooperate with biomanufacturing centers in Illinois with the goal of making those centers into incubators of local job creation. Authorizes the Institute to receive financing from the General Assembly. Directs the Institute to prepare an annual report to the Governor and the General Assembly concerning its operations and other relevant information. Creates the Biomanufacturing Initiative Task Force and describes the duties of the Task Force. Directs the Department of Commerce and Economic Opportunity to provide administrative support to the Task Force. Directs the Task Force to prepare for the Institute, the Governor, and the General Assembly an annual report offering its advice on biomanufacturing-related research and development and making related recommendations. Creates the Biomanufacturing Equity Investment Fund, the Biomanufacturing Loan Fund, and the Biomanufacturing Grant Fund as special funds in the State treasury for specified purposes concerning investment in and funding of biomanufacturing centers. Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Provides for tax credits for qualifying biomanufacturing centers. Provides further requirements concerning the issuance of the tax credit. Amends the State Finance Act to provide for specified special funds. Amends the Illinois Income Tax Act to provide for the biomanufacturing center tax credit. Defines terms. Effective immediately.