IVCA Provides Updates for State Legislative Issues – 02/02/2022
Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates
Wednesday, February 2, 2022IT’S ALL ABOUT THE BUDGET
Governor Pritzker delivers his FY 23 budget (begins July 1, 2022) at noon today. The snowstorm downstate canceled the legislative session, and the governor is instead making his speech from the Old State Capitol Building.
Details from the governor’s perspective have been strategically leaked to produce favorable press in advance of the speech and to align with the television ads his campaign is airing emphasizing the improving fiscal condition of the state.
Governor Pritzker today is expected to recommend
- a $500 Million additional payment toward pension funding, which the governor’s office says will reduce liability by $1.8 Billion,
- payments against the deficit in the Unemployment Insurance Fund,
- putting some dollars aside in a rainy-day fund,
- fully funding the $350 Million increase in the evidence-based funding plan for K-12,
- putting money directly in the pockets of taxpayers with a property-tax-rebate plan.
The Governor’s budget highlights and supporting documents are available here:
As you would expect the response from Republican legislators and candidates for governor are critical of the proposal for using one-time federal relief funds and other “gimmicks” to paper over more serious problems:
IVCA BACKED LEGISLATION IN COMMITTEE TODAY
Legislation to specify the “buckets” from which the Treasurer may make investments in the Technology Development Act is up in the House State Government Administration Committee today. HB 4364 is sponsored by Rep. Curtis Tarver, II and is also cosponsored by Rep. Robyn Gabel, a member of the House leadership team.
IVCA has briefed the members of the committee and has worked to present the industry perspective on how the challenges of raising a fund as an emerging manager can be met with an approach such as is being defined in the bill. As of this writing, there is no opposition to the bill.
REPUBLICAN LEADERS HIGHLIGHT ANTI-CRIME PACKAGE
If you’re watching the television commercials of Republican candidate for governor, Aurora Mayor Richard Irvin website you know the issue Republican campaigns believe will work for their candidates is crime – out of control crime, crime in the Loop, crime in neighborhoods.
Republican Crime Response here has virtually no chance of being heard in the legislature, approved by the legislature, sent to the governor, or signed into law. It is, though, a concrete platform which candidates can and will run on in swing legislative districts and against the statewide Democratic ticket.
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