TDA II legislation passes the Illinois House and the Senate unanimously. Awaits Governor's signature.

TDA II legislation passes the Illinois House and the Senate unanimously. Awaits Governor's signature.

June 8, 2011

SB 107, as amended, passed the House early Tuesday morning May 31 and the Senate concurred with the amended version late Tuesday evening , a few short hours prior to the General Assembly's scheduled adjournment. This legislation allows the Treasurer to invest an additional two percent of his investable assets in venture capital and private equity (in addition to the one percent already allowed under TDA I).

This was a long journey. IVCA has advocated for the bill for almost four years and was successful in having the Senate pass the legislation four times. Our thanks go to the bill's sponsor Senator Dan Kotowski and Senate leadership for supporting it over the past several years.

This year IVCA secured new sponsors -- freshman House members Daniel Biss and Chris Nybo who led the effort in the House, supported by new Treasurer Dan Rutherford. Our efforts were ably assisted by the new Illinois Technology Coalition which includes IVCA, iBIO, TechAmerica and the Illinois Science and Technology Coalition. We also secured additional important third-party supporters including several Illinois universities.

As a Democrat, Biss took the lead in moving the bill in the House, becoming extremely well versed on the program and effectively working with the Democratic leadership over the past couple of months to persuade them to approve the measure. As part of that process, IVCA drafted an amendment with Biss to help address leadership's concern that TDA funds focus on Illinois companies. SB 107 was amended to include that provision and the bill was passed unanimously by the House. The Senate passed the amended version unanimously Tuesday evening. The legislation now goes to the Governor. IVCA expects the Governor will sign it since his office is on record as supporting the legislation.