IVCA Provides Updates for State Legislative Issues – 03/16/22
Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates
Wednesday, March 16, 2022IVCA BILLS – STATUS REPORT
A pair of identical bills to improve the Technology Development Account program are making their way through the legislature. SB 3777 has passed the Senate and is scheduled for a hearing in committee today in the House. The House companion, HB 4364, passed the House and is in the Senate, pending assignment to a Senate Committee. The bills are agreed to by all stakeholders and we are working to ensure one of the two is approved and sent to the governor for his signature.
The other priority measure is SB 2430, with House Amendment #1, which is in the House Revenue Committee. The bill clarifies the definition of an investment partnership to resolve uncertainty which has resulted from audit findings of the Illinois Department of Revenue. The House is not expected to hear the bill in committee this week, so the goal is to have it considered next Thursday, March 24.
WHAT LIES AHEAD
With April 8 as its scheduled adjournment date, it’s crunch time in the Illinois General Assembly. The legislature has hundreds of bills to dispense with and send to the governor, along with assembling a budget for fy23. Think of the legislature as you might with a student and a term paper; if the paper is due Monday, work on it will continue up to Sunday night (or Monday morning). Thus the days between now and April 8 are sure to include some all-nighters for the members and staff putting together the final product.
Buoyed by revenues which are outperforming estimates and the surplus of federal relief funds which remain available, decision makers seem confident they can produce a budget which can pass with enough Democratic votes to do the job. Republicans are unlikely to provide any votes in favor of the budget or much else of consequence, readying a fall campaign focused on what they see as the failings of the Pritzker administration on issues such as the LaSalle Veterans Home and the Department of Children and Family Services. Other central themes will include crime, corruption (see below) and ill-advised tax and budget policies. Republicans in Illinois sense an opportunity to pick up seats in both the House and Senate, and are engaged in vigorous contests for governor and other constitutional offices.
The governor and the two democratic legislative leaders have sought to manage this session without much deliberate controversy, preferring to get the must-pass bills through the system, pass a budget, then return to their districts and campaign for their primary election nominations in June.
The Capitol building is slowly returning to a more normal environment as some COVID precautions are lifted, and members of the House no longer must wear masks when on the House floor.
MADIGAN INDICTMENT / SENATOR GUILTY PLEA
As we went to press last edition, the U.S. Attorney announced an indictment of former Illinois House Speaker Michael J. Madigan. You have likely heard this news, here is a link to the document:
MADIGAN INDICTMENT
As you would expect, Republican candidates promised to connect any and all Democrats to the former speaker, while Democrats pointed out the indictment does not involve any current members of the legislature, and the U.S. Attorney specifically dismissed any assertion of wrongdoing by the governor.
Not long after, now former Illinois State Senator Tom Cullerton pleaded guilty to an embezzlement charge relating to his work, or lack thereof, with the Teamsters:
CULLERTON PLEA