IVCA Provides Updates for State Legislative Issues – 04/19/2023
Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates
Wednesday, April 19, 2023
IVCA continues to negotiate with the Illinois Department of Revenue and legislators on the precise language of a bill to better define an investment partnership. Readers of this column know we’ve been working on this since 2019 and we’ve had legislation in the hopper the last three years. The Senate has passed the IVCA bill unanimously twice, it has been slower going in the House. The legislature adjourns May 19th. Our expectation and goal is to have a bill of its own, or more likely, have our provision included in a larger revenue package which moves near the end of the session.
MAYOR-ELECT JOHNSON ADDRESSES LEGISLATURE
Chicago Mayor-Elect Brandon Johnson at Noon today addressed the Illinois House and Senate in a joint session. Johnson was strongly supported by the progressive members of the legislature and received a warm welcome from them, while some on the other side of the aisle were not terribly enthused – as you would expect.
Johnson appeared just days after downtown Chicago was taken over by huge crowds with disturbing video shared worldwide.
The Mayor-Elect focused on the need to control crime at its root causes and emphasized more support and services for teens and young adults, saying he would ensure a nurse and a social worker in every Chicago school. Mayor-Elect Johnson is former classroom teacher and an organizer for the Chicago Teachers Union.
As he magnified the state’s role as a “progressive” beacon across the country, the Mayor-Elect implored the legislature to work together and to work together with him on behalf of the entire state, describing Chicago as the economic engine which benefits the entire state.
Here at press time, we don’t have a copy of his prepared remarks, if you have a chance consume some of the coverage of his speech. The Mayor of Chicago has become somewhat less relevant in Springfield; however it should be noted, this Mayor-Elect has a very close personal and professional relationship with Speaker Welch, and mentioned in his speech how he stared his career in government as a part-time caseworker for Senate President Harmon.
GOVERNOR HIGHLIGHTS FISCAL STRENGTH
Governor JB Pritzker was in New York this week to rally support for a general obligation bond sale and to generally take the time to trumpet the improvements in the state’s financial situation since he took over in 2019. In his view, this includes upgrades from bond houses, a $1B rainy day fund, and no bill backlog.
LEGISLATURE TURNS FOR HOME
The legislative calendar begins in January though never really heats up until after Spring Break. That is now. Legislators have deadlines for getting their bills passed, and the budget negotiators are beginning to meet and make decisions.
The two legislative leaders appeared before a Chamber of Commerce group this week and said they were “back to boring” in that the state seems to have enough tax revenue coming in to address most of the demands made by the governor and legislators without a stalemate. Advocates are pressing the General Assembly to include an additional $350 million in funding for schools, hospitals are seeking rate increases in the state’s Medicaid rates, and Republicans unveiled a pro-business agenda they’ll pursue in the final six weeks of session:
COMED FOUR TRIAL NEARS CONCLUSION
The trial of four well-known Illinois lobbyists and business executives accused of using ComEd as a funnel for improper influence on former Speaker Michael J. Madigan is wrapping up this week and could go to closing arguments next week. The case has been watched hour-by-hour inside the Capitol and around political circles. Soon members of the jury will tell us what they saw and heard.
* Hannah Meisel | Former ComEd CEO testifies she was unaware of Madigan allies’ monthly checks for no work: “We didn’t view him as a friend or an ally,” Pramaggiore said of Madigan’s relationship to ComEd, outlining the speaker’s “classic Democrat, very pro-consumer” stance on utilities. She also said ComEd officials were never quite sure what to make of the influencing effect of Madigan’s daughter, Attorney General Lisa Madigan, who “was always in opposition to us.”
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