IVCA Legislative update - TDA II Legislation

IVCA Legislative update - TDA II Legislation

April 13, 2011

S.B. 107 (Kotowski) which passed the Senate on February 17 by a wide margin remains alive in the House. This legislation builds on the success of TDA I (Technology Development Account I) by authorizing a 2% increase in Treasurer's allocation of investments into venture capital and private equity. Freshman Democrat Daniel Biss has become the chief co-sponsor of the bill and, along with co-sponsor freshman Republican Chris Nybo, is leading the charge to move the bill through the Executive Committee and on to the floor for approval. Biss says, - œI'm excited to advocate strongly for this legislation, which I believe will simultaneously bring good returns to our State Treasury while providing Illinois entrepreneurs with a much-needed shot in the arm." Nybo adds, "Increasing access to capital in our State is critically important to business growth and job creation here in Illinois. TDA II expands such access to capital, and I'll keep working hard to help this proposal become law."

Biss and Nybo have met with leadership and staff several times and continue to strongly advocate for the program. Both have become well versed in the program and are strong champions for the legislation. IVCA continues to support their efforts by providing detailed background data on the program and discussing the legislation with other House members.

S.B. 107 has garnered a strong list of co-sponsors including, in addition to Biss and Nybo, House Minority Leader Tom Cross, Deputy Majority Leader Lou Lang, Assistant Majority Leaders Edward Acevedo and Karen Yarbrough, freshmen Democrats Michelle Mussman, Art Turner, Jr., Ann Williams, Bill Cunningham, and Kelly Burke along with 27 other Democrat and Republican legislators.

S.B. 107 is also strongly supported by leading entrepreneurial and academic groups the importance of a strong local network of venture capital and private equity firms. These supporters, including iBio, TechAmerica, Illinois Science & Technology Coalition are joined by Illinois Institute of Technology and University of Chicago in lobbying for passage of TDA II. We encourage all supporters to weigh in with House Leadership.

Since S.B. 107 is a Senate-passed bill the timeline for House action on the legislation is likely late April to mid-May. The House has been preoccupied with moving bills originating in that chamber through the committee process and onto the floor given the specific deadlines for committee and floor action in mid-March and mid-April. Co-sponsors Biss and Nybo are committed to continuing discussions with their respective leadership teams and building the co-sponsor list. IVCA will continue to support their efforts and advocate directly with other legislators and leadership as well. IVCA urges any of our members with a relationship with either Speaker Madigan or House Majority Leader Barbara Currie to contact them in support of S.B. 107.

For more information on TDA I and II, click here.