New Laws to Foster Innovation and Create Tech Jobs in Chicagoland

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CHICAGO – July 25, 2011. Governor Pat Quinn today signed legislation to support the development of the technology industry in Illinois and create jobs. Senate Bill 107 strengthens Illinois’ position to attract technology-based businesses by boosting the state's investment in them. The new law was one of the Governor’s priorities during the spring legislative session, and it represents a major component of his aggressive agenda to support emerging technologies in Illinois, creating the jobs of today and tomorrow.

 “Creating jobs throughout Illinois is one of my top priorities, and targeted investments in the technology industry will create jobs today while strengthening our role in the global economy of tomorrow,” Governor Quinn said. “This important new law allows us to invest in the companies that invest in Illinois, creating high-paying jobs for our skilled workforce.”

Senate Bill 107, sponsored by Sen. Dan Kotowski (D-Park Ridge) and Rep. Daniel Biss (D-Evanston), allows the state to build upon the success of its Technology Development Account (TDA I). The TDA I allowed the state to invest up to 1 percent of its investment portfolio in venture capital firms that invest in technology-based businesses – those providing computer, IT, laboratory or experimental services and products – that are interested in locating or expanding in Illinois.

Click here to read the full IGNN press release.

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