IVCA Provides Updates for State Legislative Issues – 9/17/2025
Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates
Wednesday, September 17, 2025
IVCA ALLY ANNOUNCES RETIREMENT
One of the most effective legislators in Springfield and a strong ally of the IVCA announced he will not run again in 2026. Illinois State Senator Bill Cunningham, who is the Senate President Pro Tem and a negotiator on some of the most complex and contentious issues in the Capitol will not run again for his southside-south suburban district. IVCA issues were among those assigned to Cunningham to oversee. Cunningham put his support for a replacement behind former State Rep. Fran Hurley.
CUNNINGHAM TO RETIRE AFTER 2026 SESSION
CHICAGO REVENUE OPTIONS INCLUDE REQUESTS TO SPRINGFIELD
* Block Club | Chicago Budget Task Force Recommends Tax Hikes, Higher Fees To Close $1 Billion Gap: Mayor Brandon Johnson should consider raising garbage and rideshare fees, hiking the liquor tax, extending a hiring freeze and tying property tax increases to inflation to help close a more than $1 billion budget gap in 2026, according to a coalition of civic and business leaders. Those ideas are just a few of almost 90 recommendations included in a report issued Tuesday by the Chicago Financial Future Task Force, a group convened by Johnson’s administration to help fix Chicago’s budget woes next year and beyond.
CIVIC FEDERATION ON CHICAGO BUDGET OPTIONS
The report includes a total of 89 options, including 45 “efficiencies” and 39 “revenues”, estimated to generate between $1.04 billion and $2.15 billion in total earnings and savings. Despite this impressive tally—seemingly large enough to nearly close the FY2026 budget gap—the report reveals that there are few easy answers, many hard political decisions ahead, and much more work to do. While all the options presented in the report could be worth consideration, many are not viable short-term options for addressing the immediate FY2026 budget crisis, and many of these have not been accompanied by the analysis that will be needed for the City Council.
* Sun-Times | Hyde Park Labs marks another push to make Chicago a tech hub: Hyde Park Labs aims to be a hub for deep tech innovation and quantum computing in Chicago. It will host IBM’s next-generation quantum computer before it eventually moves to the Illinois Quantum and Microelectronics Park. The quantum computing campus will be at the former U.S. Steel South Works site. “Hyde Park Labs and the UChicago Science Incubator are a milestone for innovation on Chicago’s South Side,” said John Flavin, CEO of Portal Innovations. “Portal’s mission has always been to bridge the gap between academia and private industry. The partnership with the University of Chicago will allow us to help grow innovative life sciences, quantum and deep-tech startups locally.”