IVCA Provides Updates for State Legislative Issues – 06/19/2024
Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates
Wednesday, June 19, 2024
IVCA CONTINUES IDOR DISCUSSION
IVCA experts will convene next week with the Illinois Department of Revenue legal and tax team to discuss the IDOR approach to partnership taxation and the Foreign Tax Credit. It’s adjacent to though not precisely connected to our efforts on partnership taxation which resulted from a previous IDOR ruling. Suffice to say for the purposes of the newsletter we are working diligently on this issue with the support from tax and legal experts from many IVCA member firms.
QUANTUM COMPUTING THE NEXT FRONTIER FOR ILLINOIS POLICY MAKERS
PRIVATE SECTOR TECH ON QUANTUM QUEST
The companies will work together with Boston Consulting Group and P33, a nonprofit started by the governor’s sister and former Secretary of Commerce Penny Pritzker, to develop quantum tools to fight financial fraud. The plan is part of a bid to win $70 million from President Joe Biden’s Tech Hubs program established as part of the 2022 Chips and Science Act.
COGFA MONTHLY REPORT
Trends and conclusions for Illinois and U.S. economic data from the Illinois Commission on Government Forecasting and Accountability. Snapshot overview which informs and sometimes guides fiscal decisions in state government. As the FY25 budget takes effect July 1, these trends will inform policy makers whether revenues will meet expenditures and if a course correction is needed.
ILLINOIS POLITICALS WAIT FOR TRIAL OF FORMER SPEAKER
Days ago, Tim Mapes, former chief of staff to Speaker Michael J. Madigan, one of the most powerful staffers in Illinois political history, reported to a federal prison to begin a sentence related to his role in the federal government’s sweeping investigation into Capitol corruption, an investigation which has resulted in numerous convictions and has brought prominent Illinois businesses into the headlines and courtrooms. The Main Event would seem to be the anticipated trial of the former speaker, which is scheduled for later in 2024 after being delayed pending a U.S. Supreme Court decision which could dramatically impact the nature of the charges lodged by the U.S. Attorney.