reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 14 - COMMERCE › Part 532 - ILLINOIS LIVE THEATER PRODUCTION TAX CREDIT PROGRAM › Section 532.40 - Live Theater Tax Credit Amount

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 The maximum monetary amount of tax credits awarded pursuant to the Act shall
			 not exceed the actual amount as directed in the Act in any State fiscal year.
			 [35 ILCS 17/10-20
			 ]
b) Each theater tax credit award
			 shall be limited to $500,000 per accredited theater production per tax year in
			 an effort to provide overall support to the live theater industry in
			 Illinois.
c) If applications for
			 theater tax credits exceed the maximum monetary cap amount, for credits
			 established by the Act, credits shall be awarded on a first-come, first-served
			 basis, based on the date on which each properly completed application for an
			 accredited theater production certificate is received by the Department. If
			 more than one application for an accredited theater production certificate is
			 received on the same day, the credits will be awarded based on the time of
			 submission on that particular day.
d) If the amount of credits applied for in
			 any fiscal year exceeds the amount authorized to be awarded under Section 10-20
			 of the Act, the excess credit amount shall be awarded in the next fiscal year
			 in which credits remain available for award and shall be treated as having been
			 applied for on the first day of that fiscal year.
Illinois Administrative Code › Title 14 - COMMERCE › Part 532 - ILLINOIS LIVE THEATER PRODUCTION TAX CREDIT PROGRAM › Section 532.60 - Approval/Denial of Accredited Theater Production Certificate

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Department reserves the right to make
			 inquiries, to conduct studies and to review information with respect to the
			 application. The Department also reserves the right to request information from
			 the applicant that is necessary to calculate the amount of the theater tax
			 credit award.
b) The Department
			 reserves the right to reject any application that does not comply with the
			 statutory requirements of the Act and this Part. Upon receipt of an
			 application, the Department shall review the application for completeness and
			 approve or deny it within 60 days from the date of receipt. Applications are
			 subject to final approval by the Director of the Department.
c) Applicants shall be notified in writing as
			 to the Department's evaluation of all completed applications. If the Department
			 denies an application for an accredited theater production certificate, it will
			 specify the reasons for denial in writing. All decisions made by the Department
			 are deemed absolute and not subject to an appeal process.
d) Upon approval of an application, the
			 Department will issue an accredited theater production certificate certifying
			 that the production is an accredited theater production that meets the
			 statutory requirements of the Act and this Part. Each accredited theater
			 production certificate will be assigned a number to establish the applicant's
			 place in the queue for the relevant tax year.
e) When the Department issues an accredited
			 theater production certificate, this certificate does not automatically entitle
			 the applicant to a theater tax credit award.
Illinois Administrative Code › Title 14 - COMMERCE › Part 532 - ILLINOIS LIVE THEATER PRODUCTION TAX CREDIT PROGRAM › Section 532.70 - Request for Theater Tax Credit Award

Current through Register Vol. 48, No. 28, July 12, 2024
a) After an applicant has received an
			 accredited theater production certificate, it can request a theater tax credit
			 award from the Department. In accordance with the Act, the theater tax credit
			 award shall only be awarded to an applicant if:
1) The total amount of theater tax credit
			 awards awarded pursuant to the Act has not exceeded the annual fiscal maximum
			 monetary cap amount.
2) The
			 applicant successfully demonstrates to the Department that it complied with its
			 diversity plan or that it made good-faith efforts to comply with its diversity
			 plan.
3) The applicant successfully
			 demonstrates to the Department that it fulfilled its training plan or that it
			 made good-faith efforts to comply with its training plan.
Illinois Administrative Code › Title 14 - COMMERCE › Part 532 - ILLINOIS LIVE THEATER PRODUCTION TAX CREDIT PROGRAM › Section 532.80 - Approval/Denial of Theater Tax Credit Award

Current through Register Vol. 48, No. 28, July 12, 2024
a) When an applicant submits its request for
			 a theater tax credit award, the Department will review and verify the
			 applicant's final diversity hiring numbers for crew, vendors and talent to
			 determine whether it met the goals outlined in its diversity plan before
			 issuing the theater tax credit award.
b) In the event the applicant fails to meet
			 the goals of its diversity plan, the applicant must then demonstrate it made
			 good-faith efforts to achieve its diversity goals in order to receive a theater
			 tax credit award. To be considered, the applicant must submit an affidavit
			 attesting to its good-faith efforts. Good-faith efforts that the Department
			 will consider include, but are not limited to, documentation demonstrating that
			 the applicant communicated (written correspondence, phone call, email,
			 meetings) with minority, female and disabled vendors, applicable unions, and
			 talent and workforce agencies/entities. The applicant may also submit any other
			 documentation to the Department demonstrating its good-faith
			 attempts.
Illinois Administrative Code › Title 14 - COMMERCE › Part 532 - ILLINOIS LIVE THEATER PRODUCTION TAX CREDIT PROGRAM › Section 532.90 - Calculation of Theater Tax Credit Award

Current through Register Vol. 48, No. 28, July 12, 2024
a) The theater tax credit award shall be
			 calculated each tax year based upon the filing by the applicant on forms
			 prescribed by the Department containing information regarding qualifying and
			 quantified Illinois labor expenditures, as defined in Section 10-10 of the Act,
			 net of the limitation in that Section, and Illinois production spending, as
			 defined in Section 10-10, net of the limitation in that Section. From the
			 amount calculated, the applicant shall be entitled to receive a tax credit
			 award of up to:
1) 20% of the Illinois labor
			 expenditures for each tax year; plus
2) 20% of the Illinois production spending
			 for each tax year; plus
3) 15% of
			 the Illinois labor expenditures generated by the employment of Illinois
			 residents in geographic areas of high poverty or high unemployment in each tax
			 year, as determined by the Department. [35 ILCS
			 17/10-45 ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 532 - ILLINOIS LIVE THEATER PRODUCTION TAX CREDIT PROGRAM › Section 532.100 - Live Theater Tax Credit Program Evaluation and Report to Illinois General Assembly

Current through Register Vol. 48, No. 28, July 12, 2024
a) In
			 determining whether the live theater tax credit program is effective in
			 creating and retaining jobs in Illinois, the Department is responsible for
			 determining the overall success of the program. Correspondingly, on a quarterly
			 basis, the Department is required to advise the Illinois General Assembly of
			 the live theater tax credit program's economic impact. The Department's
			 evaluation shall include:
1) An assessment of
			 the effectiveness of the program in creating and retaining new jobs in
			 Illinois;
2) An assessment of the
			 revenue impact of the program;
3)
			 In the discretion of the Department, a review of the practices and experiences
			 of other states or nations with similar programs; and
4) An assessment of the overall success of
			 the program. The Department may make a recommendation to extend, modify, or not
			 extend the program based on the evaluation. [35
			 ILCS 17/10-50 ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 532 - ILLINOIS LIVE THEATER PRODUCTION TAX CREDIT PROGRAM › Section 532.120 - Confidentiality of Documents and Record Retention Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
a) Any documentary
			 materials or data made available or received from an applicant by any agent or
			 employee of the Department are confidential and are not public records to the
			 extent that the materials or data consist of commercial or financial
			 information regarding the operation of or the production of the applicant or
			 recipient of any tax credit award under the Act. [35 ILCS
			 17/10-55 ] The Department will not permit public
			 inspection or copying of any material that is or would be confidential under
			 State law, specifically including the exemptions set forth in the Freedom of
			 Information Act [5 ILCS 140 ].
b)
			 In accordance with the Act, an applicant is required at all times keep proper
			 books and records of accounts relating to the tax credit award, in accordance
			 with generally accepted accounting principles consistently applied, and make,
			 upon reasonable written request by the Department, those books and records
			 available for reasonable Department inspection and audit during the applicant's
			 normal business hours. Any documents or data made available to or received from
			 the applicant by any agent, employee, officer, or service provider to the
			 Department shall be deemed confidential and shall not constitute public records
			 to the extent that the documents or data consist of commercial or financial
			 information regarding the operation by the applicant of any theater or any
			 accredited theater production, or any recipient of any tax credit award under
			 the Act. [35 ILCS
			 17/10-15(5) ]
c) If an applicant submits information it
			 considers to be of a confidential nature as part of its application or request
			 for a tax credit award, that information shall be marked or labeled
			 "CONFIDENTIAL". The applicant shall also submit a statement briefly setting
			 forth the grounds on which that information should be treated as confidential.
			 The Department, based on the proprietary nature of the material and privacy of
			 the applicant's confidential information, shall not disclose those materials to
			 the public.
Illinois Administrative Code › Title 14 - COMMERCE › Part 540 - TECHNOLOGY COMMERCIALIZATION GRANT-IN-AID PROGRAMS › Subpart A - TECHNOLOGY CENTER PROGRAM › Section 540.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
Act - Public Act 83-1349, effective September 8, 1984 (Ill.
				  Rev. Stat. 1984 Supp., ch. 127, par. 46.19 a), which creates the Technology
				  Innovation and Commercialization Program.
Application - A request for program funds including the
				  required statistical and narrative information and attachments.
Department - The Illinois Department of Commerce and
				  Community Affairs.
Financial Aid - Grant to business wherein the Department
				  requires repayment.
Grant - Funds provided from the Department through this
				  program.
Grant Award - Contractual agreement between the Department
				  and recipient, which includes the scope of work to be provided, the budget, and
				  all terms and conditions of the contact.
Nonexpendable Personal Property - Tangible personal property
				  having a useful life of more than one year and an acquisition cost of $300 or
				  more per unit.
Program - The Technology Commercialization Grant-In-Aid
				  Program.
Program Income - Earnings by the recipient realized from
				  grant supported activities.
Project - An activity or activities funded under this
				  program.
Recipient - Any eligible applicant receiving funds under this
				  program.
Illinois Administrative Code › Title 14 - COMMERCE › Part 540 - TECHNOLOGY COMMERCIALIZATION GRANT-IN-AID PROGRAMS › Subpart A - TECHNOLOGY CENTER PROGRAM › Section 540.30 - Program Responsibilities

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Responsibilities of the Department of Commerce and Community Affairs - The
				Department is to establish a program of grants to universities, community
				colleges, research institutions, research consortia, other not-for-profit
				entities, and Illinois Business for the purpose of fostering research and
				development in High Technology and the service sector leading to the
				development of new products and services that can be marketed by Illinois
				Businesses (Ill. Rev. Stat. 1984 Supp., ch. 127, par. 46.19 a(2)).
b) Responsibilities of the Technology
				Commercialization Grants-In-Aid Council -
1)
				There is created an advisory council responsible for:
A) Reviewing and evaluating all applications
				received by the Department; and
B)
				Assisting in monitoring the projects and in evaluating the impact of the
				program on technological innovation and Business Development within the State
				(Ill. Rev. Stat. 1984, Supp., ch. 127, par. 46.19a(3)).
Illinois Administrative Code › Title 14 - COMMERCE › Part 540 - TECHNOLOGY COMMERCIALIZATION GRANT-IN-AID PROGRAMS › Subpart A - TECHNOLOGY CENTER PROGRAM › Section 540.40 - Application Package

Current through Register Vol. 48, No. 28, July 12, 2024
a) Upon
				request, the Department will supply applicants with an application package.
				Public notice of the availability of grants and the application due date will
				be published in the State recognized newspaper. Applications will be due no
				later than sixty days after the public notice.
b) The Department will not accept an
				application addressing more than one proposal or category of grant activities
				as specified in Section
				540.60
				from any organization or institution. Individual applications must be submitted
				for each proposal under each category.
c) Applications will address the following
				items:
1) Activities and Services - Each
				applicant must identify services and activities to be delivered which are
				designed to create jobs by fostering development of new products and services
				and the development of new businesses.
2) Delivery Systems - The applicant must
				design delivery mechanisms, for example, individual case handling, referral
				services, seminars and conferences, special reports or periodicals, or group
				consulting, to carry out its services.
3) Milestones and Program Results - The
				applicant must identify the anticipated success of each project in terms of
				economic results such as the number of new jobs created or retained, new
				business starts, new products commercialized, or number of businesses
				served.
4) Staffing - Applicants
				may rely on full time staff, part time employees, on-call contracts, pro bono
				services, or community volunteers as necessary to conduct program activities,
				and may utilize graduate assistants or interns, other personnel of the
				applicant, or private contractors as needed. Salaries paid to staff members of
				projects should be comparable with salaries established for similar positions
				within the institution. Applicants shall insure that all paid staff positions
				are limited to those essential to operate the program and shall not establish
				administrative or support positions for which the duties and functions are
				inconsistent with the delivery systems proposed. Each project shall designate
				one individual, with directly related education and experience, as the project
				director or chief investigator, responsible for project management, internal
				quality control, financial and programmatic reports preparation, and other
				program delivery activities.
5)
				Coordination - The applicant must describe cooperative working relationships
				which will be developed with other programs providing similar or related
				services and include letters of support.
6) Budget - The applicant must submit a
				project budget by cost categories, as required in the Department's application
				package.
Illinois Administrative Code › Title 14 - COMMERCE › Part 540 - TECHNOLOGY COMMERCIALIZATION GRANT-IN-AID PROGRAMS › Subpart A - TECHNOLOGY CENTER PROGRAM › Section 540.50 - Review of Applications

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				Department staff shall screen all proposals to determine that all minimum
				requirements to the application package have been addressed. All applications
				will then be grouped by eligible grant categories and reviewed by Department
				staff and by members of the Council. In addition, outside consultants selected
				by the individual applicants from Technology Commercialization Centers will
				review the technical components of applications under the Business Innovation
				Research category. This review process will begin after the application due
				date and take no more than 30 days, with grant awards being announced at the
				end of that period.
b) The
				following review criteria will be used in reviewing and selecting applications
				for funding according to the weights specified. Applications for a particular
				eligible grant category will be comparatively reviewed with all applications
				for that category and are ranked from highest to lowest based on total points
				awarded to each proposal.
1) Proposed
				Activities - The proposals will be reviewed to assure their consistency with
				the eligible components and exemplary activities as described in Section
				540.60.
				(30 percent weight)
2)
				Administrative Capacity - The proposals will be reviewed to determine whether
				the applicant is capable of completing the proposed project successfully based
				on past experience or previous performance, and the scope of program
				coordination. (10 percent weight)
3) Economic Development - The proposals will
				be reviewed to determine the extent to which the proposed activities are
				projected to result in measurable economic gains such as new business starts,
				new products commercialized, new jobs created or jobs retained, private sector
				funds leveraged, or number of businesses served. (30 percent weight)
4) Costs and Match - The Department will
				review proposals to determine that the costs charged to the program to carry
				out proposed activities are consistent with required match provisions and state
				and department administrative cost limits as specified in Section
				540.70
				of this Part. (30 percent weight)
Illinois Administrative Code › Title 14 - COMMERCE › Part 540 - TECHNOLOGY COMMERCIALIZATION GRANT-IN-AID PROGRAMS › Subpart A - TECHNOLOGY CENTER PROGRAM › Section 540.60 - Eligible Grant Categories and Activities

Current through Register Vol. 48, No. 28, July 12, 2024
a) Technology Commercialization Centers -
				This category of projects provides for matching grants to universities,
				research institutions, research consortia, and other not-for-profit entities
				for the purpose of identifying and supporting Illinois business with services
				auxiliary to direct production but necessary for success in new product sales.
				Centers shall engage in intensive service or coordinated sets of activities for
				Illinois businesses and shall engage in one or more of the following
				activities:
1) General feasibility studies of
				new product, service, or venture ideas;
2) Directing Research Assistance for new
				venture creations;
3) Adaption of
				technologies, prototype development, and product testing;
4) Developing technical and intellectual
				skills of business managers;
5)
				Commercialization of new technology, concepts, services, or products;
6) Aid in securing financing, marketing, and
				production of new products; or
7)
				Assisting inventors in finding Illinois manufacturers of their products (Ill.
				Rev. Stat. 1984 Supp., ch. 127, par. 46.19 a(2)(b)(i-vii)).
Illinois Administrative Code › Title 14 - COMMERCE › Part 540 - TECHNOLOGY COMMERCIALIZATION GRANT-IN-AID PROGRAMS › Subpart B - ENTREPRENEURIAL INVESTMENT INITIATIVE PROGRAM › Section 540.110 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The Entrepreneurial Investment Initiative Program provides
				  matching grant funds to eligible local economic development agencies so that
				  the local agency can make loans to start-up businesses to encourage new
				  business formation. Under this program, the Department shall issue a request
				  for proposals to economic development agencies, seeking those that wish to
				  operate a Revolving Loan Fund including projects targeted to serving
				  low-income, unemployed individuals. Those agencies selected for participation
				  shall either operate or coordinate with a self-employment training program as
				  defined in 56 Ill. Adm. Code
				  2650.20. Once
				  approved, the economic development agency would be authorized to submit
				  requests to draw against funding allocated by the Department, up to the amount
				  of commitment made to the local economic development agency subject to
				  appropriation by the General Assembly.
Illinois Administrative Code › Title 14 - COMMERCE › Part 540 - TECHNOLOGY COMMERCIALIZATION GRANT-IN-AID PROGRAMS › Subpart B - ENTREPRENEURIAL INVESTMENT INITIATIVE PROGRAM › Section 540.120 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Certified Development Corporations" - Not-for-profit
				  financial intermediaries that are made up of both public and private investment
				  partners who have long-term participation agreements or equity investments with
				  the corporation and can show letters of commitment or letters of credit to that
				  effect as well as articles of incorporation or by-laws providing proof of
				  authority to operate in the State of Illinois.
"Department" - The Illinois Department of Commerce and
				  Community Affairs.
"Designated Zone Organizations" - Those economic development
				  agency organizations located in areas designated as enterprise zones, areas
				  which can provide certain tax credits, worker benefits and other incentives to
				  stimulate economic growth.
"Economic Development Agency" - For the purposes of this
				  Part, includes non-profit regional planning commissions, certified development
				  corporations, non-profit organizations, designated zone organizations,
				  universities, community colleges, community action agencies, and small business
				  development centers.
"Grant Agreement" - The contractual agreement between the
				  Department and recipient, which includes the scope of work to be provided, the
				  time period for performance of the agreement, the budget, and all terms and
				  conditions of the contract.
"Local Revolving Loan Fund (RLF)" - A pool of funds from
				  which loans are made and to which all or a portion of recaptured interest and
				  principle are paid on an ongoing basis, initially capitalized with Department
				  funds and local funds of at least 50 percent of the Department's share.
"Project Operator" - Any economic development agency
				  proposing or managing a local revolving loan fund.
"Recipient" - Any economic development agency receiving grant
				  funds under this program and administering a local Revolving Loan
				  Fund.
Illinois Administrative Code › Title 14 - COMMERCE › Part 540 - TECHNOLOGY COMMERCIALIZATION GRANT-IN-AID PROGRAMS › Subpart B - ENTREPRENEURIAL INVESTMENT INITIATIVE PROGRAM › Section 540.130 - Application Availability

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Grant applications shall be made available on an annual basis if sufficient
				funds are allocated for the program.
b) Any economic development agency seeking
				grant monies to set up and operate a Revolving Loan Fund shall submit a grant
				application on forms provided by the Department. A standard grant application
				form shall be used statewide. Upon request, the Department shall supply
				potential applicants with the application package.
c) Public notice of the availability of grant
				applications and the application due date shall be published in the state
				recognized newspaper. Applications shall be due on specific dates established
				by the Department. The due date shall be no less than 45 days after publication
				of the public notice.
Illinois Administrative Code › Title 14 - COMMERCE › Part 540 - TECHNOLOGY COMMERCIALIZATION GRANT-IN-AID PROGRAMS › Subpart B - ENTREPRENEURIAL INVESTMENT INITIATIVE PROGRAM › Section 540.150 - Application Review Process

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Department staff shall screen applications to determine that all minimum
				requirements of the application package have been addressed. Applications will
				be reviewed in accordance with Department review criteria noted in subsection
				(b) of this Section.
b) A request
				for a grant to set up and operate a Revolving Loan Fund shall be evaluated in
				accordance with the requirements of this subsection. The application evaluation
				process consists of a review by staff selected from various divisions of the
				Department. This staff reviews the applications using the Likert Ranking System
				in a competitive individual case by case study. Elements are of general equal
				weight. (All evaluation personnel then rerank the highest rated applications
				for a final rank order, with the highest selected for funding.) The review of
				applications submitted by the due date shall be completed no more than 45
				working days after the application due date, with grant awards being announced
				at the end of that period. Applications will be comparatively evaluated on the
				basis of:
1) The geographic area to be
				served, the extent of economic distress and unemployment in the area to be
				served, and the nature of financial needs of the area. Economic distress and
				financial needs may be documented by providing data from U.S. Bureau of Labor
				Statistics or Illinois Department of Employment Security reflecting area
				specific unemployment rates, hours and earnings of production workers, help
				wanted indexes, bankruptcy filings, personal income, new business
				incorporations, interest rates, deposit to loan ratios of lending institutions,
				etc.;
2) The necessity,
				sufficiency, and consistency (merits) of the proposed work plan and proposed
				activities with requirements of Sections
				540.140
				and
				540.160;
3) The demonstrated capability and past
				experience of the applicant in managing the work activities similar to those
				proposed;
4) The amount of matching
				funds, as authorized pursuant to Section
				540.180,
				shall be provided, at a minimum, at an amount of at least 50 percent of the
				Department's share, and preferably 100 percent of the Department's
				share;
5) Letters of cooperation
				between the proposed program and a self-employment training course;
6) The level of economic development results
				expected including but not limited to new businesses started, jobs created, and
				private funds leveraged; and
7) The
				extent to which those organizations have not previously been assisted with a
				Department grant (which could be or is being used as a Revolving Loan
				Fund).
Illinois Administrative Code › Title 14 - COMMERCE › Part 540 - TECHNOLOGY COMMERCIALIZATION GRANT-IN-AID PROGRAMS › Subpart B - ENTREPRENEURIAL INVESTMENT INITIATIVE PROGRAM › Section 540.160 - General Terms for RLF Loans

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Business Plans - The RLF Operator shall assure that all loan applications shall
				contain a certification and assurance that the small business applicants have
				received business development training or education, have a business and
				finance plan and have experience in the proposed business area (Section 46.19
				a(2)(f) of the Civil Administrative Code of Illinois (Ill. Rev. Stat. 1989, ch.
				127, par. 46.19 a(2)(f)).
b) Loan
				Approval - The RLF Operator is ultimately responsible for receiving business
				plans, approving loans for eligible borrowers, arranging for loan closing,
				securing signed notes and collateral agreements for the loan, filing Commerce
				Commission notices, securing a first source (employment) agreement if needed,
				disbursing RLF loan proceeds to the borrower, administration of the loan
				portfolio, servicing of loan repayments and all other duties and
				responsibilities for operation of the RLF.
Illinois Administrative Code › Title 14 - COMMERCE › Part 540 - TECHNOLOGY COMMERCIALIZATION GRANT-IN-AID PROGRAMS › Subpart B - ENTREPRENEURIAL INVESTMENT INITIATIVE PROGRAM › Section 540.180 - Financial Assistance Standards

Current through Register Vol. 48, No. 28, July 12, 2024
a) Financial Management System - A
				recipient's financial management system shall include cash management,
				signature authority and bonding requirements and shall be structured to meet
				the accounting standards of the Financial Accounting Standards Board of the
				American Institute of Certified Public Accountants (AICPA) (September 19, 1987
				with no later amendments or editions). The recipient is accountable for funds
				received under this grant and shall maintain effective control and
				accountability over all funds and other assets under the grant.
b) Matching Funds - Matching funds for an RLF
				project shall consist of cash funds and in-kind services made available and
				used in the project, under the control of the Project Operator. Other
				contributions which take the form of loans from a financial institution or
				other lender directly to an eligible business venture are not considered match
				to the RLF.
c) Audits - The
				recipient shall be responsible for securing an audit of all loan records and
				such audit must be performed by an independent public accountant, certified and
				licensed by authority of the State of Illinois pursuant to the Illinois
				Accounting Act (Ill. Rev. Stat. 1989, ch. 111, pars. 5-500.01 et seq.). The
				audit must be conducted in accordance with generally accepted auditing
				standards adopted by the AICPA (1989 with no later amendments or
				editions).
Illinois Administrative Code › Title 14 - COMMERCE › Part 540 - TECHNOLOGY COMMERCIALIZATION GRANT-IN-AID PROGRAMS › Subpart B - ENTREPRENEURIAL INVESTMENT INITIATIVE PROGRAM › Section 540.190 - Modification, Suspension and Termination of Grants

Current through Register Vol. 48, No. 28, July 12, 2024
a) Modification and Amendment of the Grant -
				The grant award is subject to revision as follows:
1) Modifications by Operation of Law - The
				grant award is subject to such modifications as may be required by changes in
				State law or regulations. Any such required modifications shall be incorporated
				into and made part of the grant within the provisions of the Illinois Grant
				Funds Recovery Act (Ill. Rev. Stat. 1989, ch. 127, pars. 2301 et seq.). The
				Department shall notify in writing the recipient of any amendment to such
				regulations.
2) Modifications in
				Budget - A recipient's request for budget variations in the amount or line item
				costs shall be in writing by registered letter and shall give justifications
				for the requested variations. The Department may approve modification requests,
				if, in the Department's sole determination, such is necessary to achieve
				program objectives of the program application contents set out in Section
				540.140.
				Any changes in cost categories or line items shall not alter the activities or
				deliverables for the project. If the Department approves the modification
				request, the recipient will be notified in writing of the change and the
				effective date of the change.
3)
				Other Modification by Department or Recipient - If either the Department or the
				recipient requests to modify the terms of the grant award other than as set
				forth in subsections (a)(1) and (2) above, written notice of the proposed
				modification shall be given to the other party. No modifications shall take
				effect unless agreed to in writing by both the Department and the
				recipient.
Illinois Administrative Code › Title 14 - COMMERCE › Part 545 - TECHNOLOGY ADVANCEMENT AND DEVELOPMENT ACT PROGRAMS › Subpart A - ADMINISTRATIVE REQUIREMENTS › Section 545.10 - General Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The purpose of the Technology Advancement and Development Act
				  is described in Section 1002 of the Act [20 ILCS
				  700/1002 ]. The purpose is to assist Illinois firms,
				  in an increasingly global marketplace, to remain competitive by promoting the
				  development and commercialization of new and advanced technologies. This is to
				  be achieved through several strategies including:
a) promoting private sector and nonprofit
				research institutions that serve as intermediaries operating programs and
				undertaking activities authorized by the Act;
b) commercializing new technology products,
				services, and processes; and
c)
				modernizing the industrial base of small and medium-sized firms.
Illinois Administrative Code › Title 14 - COMMERCE › Part 545 - TECHNOLOGY ADVANCEMENT AND DEVELOPMENT ACT PROGRAMS › Subpart B - TECHNOLOGY CHALLENGE GRANT PROGRAM › Section 545.110 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The purposes of the Technology Challenge Grant Program are
				  specified at Section 2001 of the Act [20 ILCS
				  700/2001 ]. First, the Department is authorized to
				  make grants that provide initial funding for projects that, in turn, help
				  secure federal research and development projects for the State. Second, the
				  Department is authorized to provide initial grant funding for projects that
				  identify and develop technologies capable of commercialization. Third, the
				  Department is authorized to fund programs and activities that provide a
				  catalyst for and strengthen the State's capacity to commercialize new
				  technologies.
Illinois Administrative Code › Title 14 - COMMERCE › Part 545 - TECHNOLOGY ADVANCEMENT AND DEVELOPMENT ACT PROGRAMS › Subpart B - TECHNOLOGY CHALLENGE GRANT PROGRAM › Section 545.130 - Eligible Applicants

Current through Register Vol. 48, No. 28, July 12, 2024
Section 2001 of the Act specifies entities eligible to apply
				  for funding under the Technology Challenge Grant Program. Eligible applicants
				  include:
a) Institutions - Eligible
				institutions include universities, colleges, community colleges, nonprofit
				research foundations or laboratories, State research institutions, and industry
				technology associations.
b)
				Technology Partnerships - Technology Partnerships include any partnership or
				consortium established by a formal project agreement between:
1) two or more private industries,
				or
2) any combination of one or
				more private industries with one or more universities, colleges, community
				colleges, nonprofit research laboratories, nonprofit research foundations, or
				State research institutions.
Illinois Administrative Code › Title 14 - COMMERCE › Part 545 - TECHNOLOGY ADVANCEMENT AND DEVELOPMENT ACT PROGRAMS › Subpart C - ENTERPRISE DEVELOPMENT AND INVESTMENT PROGRAM › Section 545.210 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The purposes of the Enterprise Development and Investment
				  Program are defined at Section 3001 of the Act. The program primarily targets
				  new and growing Illinois firms. The goals of the program are as follows:
a) provide investments, loans, or qualified
				security investments to or on behalf of young or growing businesses or, on
				behalf of new or emerging business through financial intermediaries as they
				commercialize advanced technology projects; and
b) fund regional technology enterprise
				development centers that make available resources and expertise in furthering
				the technical or managerial skills of owners; aid the ventures in locating
				financing; and help new companies with product development and
				marketing.
Illinois Administrative Code › Title 14 - COMMERCE › Part 545 - TECHNOLOGY ADVANCEMENT AND DEVELOPMENT ACT PROGRAMS › Subpart C - ENTERPRISE DEVELOPMENT AND INVESTMENT PROGRAM › Section 545.220 - Direct Investment Strategy

Current through Register Vol. 48, No. 28, July 12, 2024
As authorized by Section 3001 of the Act [20
				  ILCS 700/3001 ], the Department may directly provide
				  investments, loans, or qualified security investments to promote the
				  commercialization of advanced technology. Generally, investments may be made to
				  finance any new process, technique, product, service, or device that is now, or
				  that may become, commercially exploitable.
a) Eligible Applicants - Direct investments
				may be made in young, growing businesses, and businesses who have qualified for
				Federal Small Business Innovation Research funds. [20 ILCS
				700/3004(a) ]
b) Allowable Activities - Direct investments
				may be made for the purposes specified in Section 3004 of the Act. Financial
				assistance proceeds may be used for expenses that include, but are not limited
				to:
1) costs incurred for research and
				development;
2) amortizable
				organizational costs;
3) working
				capital financing;
4) the purchase
				or lease of machinery and equipment; and
5) acquisition, improvement, or
				rehabilitation of land and buildings. [20 ILCS
				700/3004(a) ]
Illinois Administrative Code › Title 14 - COMMERCE › Part 545 - TECHNOLOGY ADVANCEMENT AND DEVELOPMENT ACT PROGRAMS › Subpart C - ENTERPRISE DEVELOPMENT AND INVESTMENT PROGRAM › Section 545.230 - Portfolio Investment Strategy

Current through Register Vol. 48, No. 28, July 12, 2024
As authorized by Section 3001 of the Act, the Department may
				  indirectly provide investments, loans, or qualified security investments
				  through financial intermediaries to young or growing businesses for a business
				  project, or as they commercialize advanced technology projects.
a) Eligible Applicants - The Department may
				provide investments in revolving fund portfolios with intermediary
				organizations or participating lenders or investors. The financial assistance
				may be made available to qualified intermediaries that assume a responsibility
				for the administration of the projects funded through the investment. Qualified
				intermediaries, at a minimum, shall:
1) have
				a successful seed/early stage investment track record; and
2) be capable of effectively evaluating the
				commercialization feasibility of advanced technology or business
				projects.
Illinois Administrative Code › Title 14 - COMMERCE › Part 545 - TECHNOLOGY ADVANCEMENT AND DEVELOPMENT ACT PROGRAMS › Subpart C - ENTERPRISE DEVELOPMENT AND INVESTMENT PROGRAM › Section 545.240 - Illinois Technology Enterprise Development Centers

Current through Register Vol. 48, No. 28, July 12, 2024
a) Purpose - The purpose of Illinois
				Technology Enterprise Development Centers is provided in Section 3004.5 of the
				Act. The Department may, subject to available appropriated funds, working with
				the Illinois Coalition, establish one or more regional technology enterprise
				development centers whose mission is to assist entrepreneurs, innovators, and
				start-up firms in high-growth, high technology sectors in furthering the
				technical or managerial skills of owners; aid the ventures in locating
				financing; and help new companies with product development and marketing in
				support of new venture formation within the State [20 ILCS 3004.5(a)
				].
b) Allowable Costs - Allowable
				costs are defined at Section 3004.5(b) of the Act. Grant funds may be used to
				support the operation of technology enterprise development centers. Grant funds
				may be used to help subsidize expenses, as approved by the Department, for:
1) personnel;
2) fringe benefits;
3) travel;
4) equipment;
5) supplies;
6) commodities, including telecommunication
				or other costs;
7) contractual
				services;
8) other support
				costs;
9) capital improvements;
				and
10) revolving funds.
Illinois Administrative Code › Title 14 - COMMERCE › Part 545 - TECHNOLOGY ADVANCEMENT AND DEVELOPMENT ACT PROGRAMS › Subpart D - BUSINESS MODERNIZATION PROGRAM › Section 545.310 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
Per Section 3501 of the Act, the Department may create one or
				  more programs to assist the State's existing mature business and industry base
				  to adopt and use appropriate technologies. The programs may vary in breadth of
				  activities, services, and projects in accordance with the level or complexity
				  of the manufacturers' needs or problems.
Illinois Administrative Code › Title 14 - COMMERCE › Part 545 - TECHNOLOGY ADVANCEMENT AND DEVELOPMENT ACT PROGRAMS › Subpart D - BUSINESS MODERNIZATION PROGRAM › Section 545.320 - Modernization Retooling Loan Program

Current through Register Vol. 48, No. 28, July 12, 2024
a) Purpose - The purpose of the Modernization
				Retooling Loan Program is defined in Section 3505 of the Act. The Department
				may, subject to appropriated funds, establish a loan program to improve
				business production systems and work processes. Such improvements shall result
				in the preservation and/or creation of private sector jobs by increasing the
				firms' long-term competitive viability.
b) Eligible Applicants - Any small,
				medium-sized or mature Illinois business may make an application for financial
				assistance under this program. An eligible business includes any for-profit
				business located in Illinois organized as a sole proprietorship, corporation,
				joint venture, partnership, association, or cooperative. For the purpose of
				this program, a mature business is one (including predecessor companies) that
				has been in continuous profitable operation for at least two years or has a
				meaningful operating history.
c)
				Allowable Activities - Per Section 3505(a) and (b) of the Act, loans may be
				provided to, or on behalf of, the State's mature, small, or medium-sized
				businesses for the modernization and installation of advanced technologies or
				processes. A loan made for company modernization or retooling may be for any
				purpose consistent with the objectives of the Act, including but not limited
				to:
1) purchases of advanced
				machinery;
2) equipment and
				tooling;
3) organizational expenses
				for services;
4) personnel
				training;
5) corporate
				restructuring;
6) working
				capital;
7) acquisition,
				improvement, or rehabilitation of land and buildings; or
8) any other business expense reasonably
				related to the project.
Illinois Administrative Code › Title 14 - COMMERCE › Part 545 - TECHNOLOGY ADVANCEMENT AND DEVELOPMENT ACT PROGRAMS › Subpart D - BUSINESS MODERNIZATION PROGRAM › Section 545.330 - Modernization Grants Program

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Purpose - The purpose of the Modernization Grants Program is defined at Section
				3515 of the Act. Subject to appropriated funds, modernization grants may be
				made for the purpose of financing, competitive assessments, or productivity
				improvement services that the Department determines may result in technology
				enhancement, retooling, restructuring, or other competitiveness
				improvements.
b) Eligible
				Applicants - Grants may be made to, or on behalf of, Illinois' mature, small,
				or medium-sized businesses.
c)
				Authorized Activities - Per Section 3515(a) of the Act, grants may be awarded
				for:
1) undertaking feasibility studies,
				competitiveness assessments, and productivity audits to restore their
				businesses' competitiveness; or
2)
				the modernization and installation of advanced manufacturing systems or
				processes that will improve the businesses' production systems and work
				organization, or will preserve and create private sector jobs by increasing the
				firms' long-term competitive viability.
Illinois Administrative Code › Title 14 - COMMERCE › Part 545 - TECHNOLOGY ADVANCEMENT AND DEVELOPMENT ACT PROGRAMS › Subpart D - BUSINESS MODERNIZATION PROGRAM › Section 545.340 - Development Corporations

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Purpose - Per Section 3510(a) of the Act, the Department may provide, subject
				to available appropriated funds, financial assistance to the State's mature,
				small, or medium-sized businesses through development corporations that assume
				a responsibility for the administration of the loan projects for the
				modernization and installation of advanced technologies.
b) Eligible Applicants - As specified in
				Section 3510(b) of the Act, development credit corporations, financial
				intermediaries, or other entities whose purpose includes financing, promoting,
				or encouraging commercialization, adoption, or implementation of advanced
				technologies, processes, or products, as determined by the Department, may
				participate in this program.
c)
				Responsibilities of Development Corporations - Per Section 3510(d) of the Act,
				the Department is authorized to rely upon, and may provide for in the execution
				of an agreement, the participating lender's or investor's review on behalf of
				the State and approval of the credit, collateral security, and documentation;
				determination of eligibility, economic results expected, and the prospects for
				viability and repayment; the collection and use of fees, premiums, or charges;
				the organization, servicing, and disbursement of financial assistance; and such
				other purposes and activities as the Department, in its sole discretion, shall
				determine to be reasonable, appropriate, and consistent with the purposes of
				the Act.
d) Forms of Financial
				Assistance - Development corporation financial assistance may be in the form of
				direct loans, grants, or purchases of qualified security investments or
				financial assistance [20 ILCS
				700/3510(b) ].
e) Limitations - Financial assistance
				authorized under this Section shall not exceed 25% of the amount of new,
				unexpended, actual or anticipated capitalization (i.e., grants or investments,
				not loans) to be used by the development corporation for:
1) loans or investments to firms to improve
				the businesses' production systems and work organization that will preserve and
				create private sector jobs by increasing the firms' long-term competitive
				viability; and
2) the planning and
				operation of the development corporation as approved by the Department through
				its agreement with the development corporation. Funds for planning and
				operation shall not exceed 10% of the financial assistance provided by the
				Department or the amount of new, actual, or anticipated capitalization.
				[20 ILCS
				700/3510(c) ]