Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Provides that the Department of Commerce and Economic Opportunity is authorized to establish the Illinois Innovation Voucher Program for the purpose of fostering research and development in key industry clusters leading to the creation of new products and services that can be marketed by Illinois businesses. Provides that the Department may award innovation vouchers to eligible businesses to offset a portion of expenses incurred through a collaborative research engagement with an Illinois institution of higher education. Provides for the award of matching funds in the form of innovation vouchers. Provides eligibility requirements for receiving innovation vouchers. Provides requirements for administering the Program. Provides for the adoption of rules. Effective immediately.

Statutes affected:
Introduced: 20 ILCS 605/605
Engrossed: 20 ILCS 605/605
Enrolled: 20 ILCS 605/605, 30 ILCS 105/5
Public Act: 20 ILCS 605/605, 30 ILCS 105/5