Member Login

IVCA's Current Legislative Issues



Second Illinois Technology Development Account was approved by the General Assembly in late May 2011. The Governor signed the bill into law (Public Act 97-197) on July 25, 2011.  This program has the potential for $100-$150 million in new venture capital investments in Illinois.

Building on the success of the Illinois Technology Development Account (TDA I), established by legislation in 2003, new legislation was introduced and approved in 2011 to create a second fund (TDA II).


This fund will provide much-needed venture capital to the high technology sector in Illinois by:

• Allowing up to 2% of the Treasurer’s investment portfolio to be invested in venture capital funds (up from 1% in TDA I); and
• Establishing a new public/private partnership with capital from private institutional investors being invested side-by-side with the Treasurer’s capital.

As a strong supporter of TDA I, IVCA took the lead on advocating for approval of TDA II legislation over the past four years.

 
Legislative Background


Legislation to establish TDA II was considered by the General Assembly in 2008, 2009, 2010 and 2011. The legislation was approved by the Illinois Senate in each of those years but until 2011 stalled in the Illinois House. The Senate leadership and the bill’s chief sponsor Senator Dan Kotowski in 2010 and 2011 (the earlier sponsor Senator Jeff Schoenberg) deserve the investment community’s appreciation for their long-term support the program.


House approval in 2011 in part came after new chief co-sponsors (freshman Daniel Biss (D) and Chris Nybo (R)) reinvigorated efforts to move the bill. Their effort, combined with a new Treasurer (Dan Rutherford (R) elected in 2010) who met with leadership to encourage their support of the program, and additional support from a wide variety of interested organizations and institutions beyond IVCA, ultimately persuaded House leadership to approve the bill on May 31, 2011. The bill, S.B. 107 had been amended earlier (with IVCA’s assistance) to ensure an appropriate level of investment in Illinois companies and as such required Senate approval which was given that same day just hours before the General Assembly’s scheduled adjournment.  Governor Quinn signed the bill into law on July 25, 2011 (Public Act 97-197).

 
 
 
©2012 Illinois Venture Capital Association. All rights reserved. | Sitemap | FAQs : Venture Capital and Private Equity | Contact IVCA | Privacy Policy | Legal