Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates
Wednesday, November 1, 2023
1st VETO SESSION
Staying true to their statements before the VETO session, the Illinois General Assembly has not advanced a supplemental budget to address the crisis of migrant and refugee families coming to Illinois. Four issues have been front and center during the first week of the VETO session: a kosher food bill, energy legislation, Invest in Kids Tax Credit, and staff unionization. In a 43-15 vote on Wednesday, the Senate passed a bill requiring schools and state-run facilities like prisons to offer kosher and halal food options for those with religious dietary restrictions. The sponsor of Ameren’s right of first refusal bill is no longer seeking a veto. The staff unionization measure passed the house.
2nd WEEK OF VETO SESSION
When legislators return, they will consider reforms to the state’s nuclear policy and a potential extension of the Invest in Kids tax credit. The Invest in Kids tax credit program for donors to private school scholarship funds has yet to be considered by any committees. A supplemental budget is not among the priority measures.
ILLINOIS STATE TREASURER JOINS US STATES BUYING ISREALI BONDS
In light of the ongoing conflict in Israel, the treasurer has bought an additional $10 million in Israel Bonds. The Illinois State Treasurer’s office has invested in Israel bonds since Michael Frerichs became treasurer in 2015. The worldwide sale of Israel Bonds has exceeded $49 billion since the first sales in 1951.
State Treasurer Michael Frerichs… reach out to “our Israeli partners and asked what we can do to help, this investment is a direct result of those conversations.”
STELLANTIS DECISION IN ROCKFORD
Auto manufacturer Stellantis has agreed with the United Auto Workers union in the Belvidere Assembly plant. They have decided to bring the Belvidere plant back, create a new battery plant near the existing facility, and add new jobs at the new battery plant. The agreement could bring over 2,200 jobs to Belvidere.
“I’m thrilled with the outcome,” Pritzker told Crain’s. “It’s nearly twice the investment and twice the number of jobs that we had expected. We’ve been talking to them for almost two years now about either a conversion to an EV plant or a new battery plant.”
ILLINOIS LEGISLATOR VISITS THE WHITE HOUSE TO DISCUSS AI SAFEGAURDS
President Joe Biden has issued a landmark executive order to establish new safety and security stands for artificial intelligence. Many Illinois lawmakers have publicly supported the measure. As the co-chair of the State of Illinois’ new artificial intelligence (AI)task force, Rep. Abdelnasser Rashid was invited to the White House to discuss the issues related to safe, secure, and trustworthy Artificial Intelligence.
“We need to balance rapidly progressing technology that maximizes artificial intelligence possibilities while also protecting against the potential harms it can cause,” said Edly-Allen (D-Libertyville)
“We must ensure that appropriate legal protections and standards are in place to properly address the complex set of dangers and opportunities that AI introduces in order to effectively safeguard individual consumers and the public against the inherent risks to safety, security, and truth it can pose.” Gong-Gershowitz (D-Glenview).
“We must take proactive steps toward understanding and responding to the impact of AI both in Illinois and across the country.” Rep. Abdelnasser Rashid, D-Bridgeview