Technology Advancement and Development Act

Overview

The Department of Commerce and Economic Opportunity shall establish and administer any of the programs authorized under this Act subject to the availability of funds appropriated by the General Assembly. The Department may make awards from general revenue fund appropriations and federal reimbursement funds as provided under the provisions of this Act. The Department, in addition to those powers granted under the Civil Administrative Code of Illinois, is granted the following powers to help administer the provisions of this Act: (a) To provide financial assistance as direct or participation grants, loans, or qualified security investments to, or on behalf of, eligible applicants. Loans, grants, and investments shall be made for the purpose of increasing research and development, commercializing technology, adopting advanced production and processing techniques, and promoting job creation and retention within Illinois; (b) To enter into agreements, accept funds or grants, and engage in cooperation with agencies of the federal government, local units of government, universities, research foundations or institutions, regional economic development corporations, or other organizations fo

Sections covered

• 20 ILCS 700/1001Short title
• 20 ILCS 700/1002Findings and declaration of policy
• 20 ILCS 700/1003Definitions
• 20 ILCS 700/1004Duties and powers