OPPORTUNITY FUND ACT Senate SponsorsSen. Donne E. Trotter-Don Harmon-Mattie Hunter-Ira I. Silverstein, Martin A. Sandoval, Iris Y. Martinez, James T. Meeks and Arthur J. Wilhelmi-Jacqueline Y. Collins House Sponsors(Rep. Jay C. Hoffman, Milton Patterson, Arthur L. Turner, Annazette Collins and Kathleen A. Ryg) 5/19/2006SenatePublic Act . . . . . . . . . 94-0774 New Act30 ILCS 5/3-1from Ch. 15, par. 303-130 ILCS 105/5.640 newCreates the Illinois Opportunity Fund Act. Contains provisions intended to increase the availability and facilitate the delivery of institutional venture capital and private equity investment to emerging and expanding enterprises in the State of Illinois. Defines the role of the Department of Commerce and Economic Opportunity. Creates the Illinois Opportunity Fund and provides for the creation of the Illinois Capital Investment Corporation. Amends the State Finance Act to create the Illinois Opportunity Special Projects Fund. Amends the Illinois State Auditing Act to authorize audits of the Corporation and the Fund. Contains other provisions. Effective immediately.Fiscal Note (Commission on Gov't Forecasting and Accountability) Senate Bill 14 would reduce State corporate income tax revenue by a maximum of $40 million per year beginning in tax year 2010 and ending with tax year 2033.Senate Floor Amendment No. 1 Amends the Illinois Opportunity Fund Act. Makes technical changes.Senate Floor Amendment No. 3 Deletes everything after the enacting clause. Reinserts the contents of the bill as introduced but makes the following changes. Requires the Illinois Capital Investment Corporation Board to develop a policy stating the Board's plan for the use of financial services corporations owned by minorities, females, and persons with disabilities and requires the Corporation to report annually to the Governor and the General Assembly regarding the use of financial services corporations owned by minorities, females, and persons with disabilities. Makes other technical changes. Effective immediately.House Amendment No. 1 Deletes reference to:30 ILCS 5/3-130 ILCS 105/5.640 newDeletes everything after the enacting clause. Creates the Illinois Opportunity Fund Act. Contains only a short title.House Amendment No. 2 Deletes reference to:New ActAdds reference to:30 ILCS 105/8h30 ILCS 105/8j30 ILCS 105/8n newDeletes everything after the enacting clause. Amends the State Finance Act. Provides that the first $250,000,000 of transfers directed to be made under Section 8h or 8j of the Act on or before February 28, 2006 that are still pending on the effective date of this amendatory Act shall be redirected to the Drug Rebate Fund, the Hospital Provider Fund, and the Long-term Care Provider Fund, in equal amounts, rather than to the General Revenue Fund. Requires completion of these transfers within 7 days. Provides that henceforward the Governor, rather than the Governor's Office of Management and Budget, will direct transfers and allocate moneys under Section 8j of the Act. Also makes technical changes. Effective immediately.Fiscal Note (H-AM 2)(Gov. Office of Management & Budget) The Governor's Office of Management and Budget estimates that this bill, if enacted into law, will have a positive impact to the State's budget. As the legislation directs the Treasurer and Comptroller to perform certain transfers of up to $250,000,000 into each to the Drug Rebate Fund, Hospital Provider Fund, and the Long Term Care Provider Fund (which will in turn generate an equal amount in federal Medicaid reimbursement), completing these transactions will reduce the payment cycles to providers paid by these funds by an many as twenty-two days, which will in turn reduce prompt payments interest penalties paid to providers. Balanced Budget Note (H-AM 2)(Gov. Office of Management & Budget) The Governor's Office of Management and Budget estimates that this bill, if enacted into law, will have a positive impact to the State's budget. As the legislation directs the Treasurer and Comptroller to perform certain transfers of up to $250,000,000 into each to the Drug Rebate Fund, Hospital Provider Fund, and the Long Term Care Provider Fund (which will in turn generate an equal amount in federal Medicaid reimbursement), completing these transactions will reduce the payment cycles to providers paid by these funds by an many as twenty-two days, which will in turn reduce prompt payments interest penalties paid to providers. Judicial Note (H-AM 2) (Admin. Office of the Illinois Courts) Would neither increase nor decrease the number of judges needed in the state.State Debt Impact Note (H-AM 2) (Com. on Gov. Forecasting & Accountability) Would not change the amount of authorization for any type of state-issued or state-supported bond, and therefore would not affect the level of state indebtedness.Pension Note (H-AM 2)(Comm on Gov't Forecasting & Accountability) SB 14 (H-AM 2) will not impact any public pension fund or retirement system in Illinois. Correctional Note (H-AM 2)(Dept of Corrections) There is no corrections population impact on the Department.Housing Affordability Impact Note (H-AM 2)(Housing Development Authority) This legislation will have no effect on constructing, purchasing, owning, or selling a single-family residence. Home Rule Note (H-AM 2)(Dept of Commerce and Economic Opportunity) In the opinion of the Department of Commerce and Economic Opportunity, SB 14 (H-AM 2) does not pre-empt home rule authority.State Mandates Fiscal Note (H-AM 2)(Dept of Commerce and Economic Opportunity) In the opinion of the Department of Commerce and Economic Opportunity, SB 14 (H-AM 2 does not create a State mandate under the State Mandates Act. 1/26/2005SenateFiled with Secretary by Sen. Emil Jones, Jr. 1/26/2005SenateChief Co-Sponsor Sen. Don Harmon 1/26/2005SenateFirst Reading 1/26/2005SenateReferred to Rules 1/31/2005SenateAdded as Chief Co-Sponsor Sen. Mattie Hunter 2/3/2005SenateAssigned to Commerce & Economic Development 2/16/2005SenateAdded as Chief Co-Sponsor Sen. Ira I. Silverstein 3/3/2005SenatePostponed - Commerce & Economic Development 3/3/2005SenateFiscal Note Filed from the Commission on Government Forecasting and Accountability (formerly the Illinois Economic and Fiscal Commission) 3/3/2005SenateAdded as Co-Sponsor Sen. Martin A. Sandoval 3/9/2005SenatePostponed - Commerce & Economic Development 3/17/2005SenateDo Pass Commerce & Economic Development; 010-000-000 3/17/2005SenatePlaced on Calendar Order of 2nd Reading April 6, 2005 4/5/2005SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Emil Jones, Jr. 4/5/2005SenateSenate Floor Amendment No. 1 Referred to Rules 4/6/2005SenateSenate Floor Amendment No. 1 Rules Refers to Commerce & Economic Development 4/8/2005SenateSenate Floor Amendment No. 1 Recommend Do Adopt Commerce & Economic Development; 006-000-000 4/8/2005SenateAdded as Co-Sponsor Sen. Iris Y. Martinez 4/8/2005SenateAdded as Co-Sponsor Sen. James T. Meeks 4/11/2005SenateAdded as Co-Sponsor Sen. Arthur J. Wilhelmi 4/11/2005SenateSecond Reading 4/11/2005SenateSenate Floor Amendment No. 1 Adopted; E. Jones 4/11/2005SenatePlaced on Calendar Order of 3rd Reading April 12, 2005 4/12/2005SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Emil Jones, Jr. 4/12/2005SenateSenate Floor Amendment No. 2 Referred to Rules 4/12/2005SenateSenate Floor Amendment No. 2 Rules Refers to Commerce & Economic Development 4/13/2005SenateSenate Floor Amendment No. 2 Recommend Do Adopt Commerce & Economic Development; 006-003-000 4/15/2005SenateRule 2-10 Third Reading Deadline Extended to May 31, 2005 4/20/2005SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. Emil Jones, Jr. 4/20/2005SenateSenate Floor Amendment No. 3 Referred to Rules 4/20/2005SenateSenate Floor Amendment No. 3 Rules Refers to Commerce & Economic Development 4/21/2005SenateSenate Floor Amendment No. 3 Recommend Do Adopt Commerce & Economic Development; 007-000-000 4/21/2005SenateRecalled to Second Reading 4/21/2005SenateSenate Floor Amendment No. 2 Tabled Harmon 4/21/2005SenateSenate Floor Amendment No. 3 Adopted; E. Jones 4/21/2005SenatePlaced on Calendar Order of 3rd Reading 4/21/2005SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins 4/21/2005SenateAdded as Co-Sponsor Sen. Dan Rutherford 4/21/2005SenateAdded as Co-Sponsor Sen. Kirk W. Dillard 4/21/2005SenateThird Reading - Passed; 049-006-000 4/21/2005HouseArrived in House 4/21/2005HousePlaced on Calendar Order of First Reading 4/21/2005HouseChief House Sponsor Rep. Marlow H. Colvin 4/26/2005HouseAdded Alternate Co-Sponsor Rep. Milton Patterson 4/26/2005HouseFirst Reading 4/26/2005HouseReferred to Rules Committee 4/26/2005HouseReferred to Executive Committee 5/11/2005HouseAdded Alternate Co-Sponsor Rep. Arthur L. Turner 5/13/2005HouseRule 19(a) / Re-referred to Rules Committee 5/27/2005HouseFinal Action Deadline Extended-9(b) May 31, 2005 5/27/2005HouseAssigned to Executive Committee 5/27/2005HouseAlternate Chief Sponsor Changed to Rep. Gary Hannig 5/27/2005HouseMotion to Suspend Rule 25 - Prevailed 5/27/2005HouseHouse Amendment No. 1 Filed with Clerk by Executive Committee 5/27/2005HouseHouse Amendment No. 1 Adopted in Executive Committee; by Voice Vote 5/27/2005HouseDo Pass as Amended / Standard Debate Executive Committee; 007-005-000 5/27/2005HousePlaced on Calendar 2nd Reading - Standard Debate 5/27/2005HouseSecond Reading - Standard Debate 5/27/2005HouseHeld on Calendar Order of Second Reading - Standard Debate 5/30/2005HouseAdded Alternate Co-Sponsor Rep. Annazette Collins 5/30/2005HouseAdded Alternate Co-Sponsor Rep. Kathleen A. Ryg 5/31/2005HouseRule 19(a) / Re-referred to Rules Committee 4/10/2006HouseFinal Action Deadline Extended-9(b) April 13, 2006 4/10/2006HouseApproved for Consideration Rules Committee; 003-001-000 4/10/2006HousePlaced on Calendar 2nd Reading - Standard Debate 4/13/2006HouseFinal Action Deadline Extended-9(b) April 30, 2006 4/17/2006HouseHouse Amendment No. 2 Filed with Clerk by Rep. Jay C. Hoffman 4/17/2006HouseHouse Amendment No. 2 Referred to Rules Committee 4/17/2006HouseHouse Amendment No. 2 Rules Refers to State Government Administration Committee 4/18/2006HouseFiscal Note Filed As Amended by HA 2 4/18/2006HouseBalanced Budget Note Filed As Amended by HA 2 4/18/2006HouseJudicial Note Filed As Amended by HA 2 4/18/2006HouseState Debt Impact Note Filed As Amended by HA 2 4/18/2006HousePension Note Filed As Amended by HA 2 4/18/2006HouseCorrectional Note Filed As Amended by HA 2 4/18/2006HouseHousing Affordability Impact Note Filed As Amended by HA 2 4/18/2006HouseHome Rule Note Filed As Amended by HA 2 4/18/2006HouseState Mandates Fiscal Note Filed As Amended by HA 2 4/18/2006HouseAlternate Chief Sponsor Changed to Rep. Jay C. Hoffman 4/19/2006HouseHouse Amendment No. 2 Recommends Be Adopted State Government Administration Committee; 005-004-000 4/24/2006SenateSponsor Removed Sen. Dan Rutherford 4/30/2006HouseFinal Action Deadline Extended-9(b) May 5, 2006 5/3/2006SenateChief Sponsor Changed to Sen. Donne E. Trotter 5/3/2006HouseHouse Amendment No. 2 Adopted by Voice Vote 5/3/2006HousePlaced on Calendar Order of 3rd Reading - Standard Debate 5/3/2006HouseThird Reading - Standard Debate - Passed 063-050-000 5/3/2006SenateSecretary's Desk - Concurrence House Amendment(s) 01,02 5/3/2006SenatePlaced on Calendar Order of Concurrence House Amendment(s) 01,02-May 4, 2006 5/4/2006SenateSponsor Removed Sen. Kirk W. Dillard 5/4/2006SenateHouse Amendment No. 1 Motion to Concur Filed with Secretary Sen. Donne E. Trotter 5/4/2006SenateHouse Amendment No. 1 Motion to Concur Referred to Rules 5/4/2006SenateHouse Amendment No. 2 Motion to Concur Filed with Secretary Sen. Donne E. Trotter 5/4/2006SenateHouse Amendment No. 2 Motion to Concur Referred to Rules 5/4/2006SenateHouse Amendment No. 1 Motion to Concur Rules Referred to Executive 5/4/2006SenateHouse Amendment No. 2 Motion to Concur Rules Referred to Executive 5/4/2006SenateHouse Amendment No. 1 Motion To Concur Recommended Do Adopt Executive; 007-005-000 5/4/2006SenateHouse Amendment No. 2 Motion To Concur Recommended Do Adopt Executive; 007-005-000 5/4/2006SenateHouse Amendment No. 1 Senate Concurs 032-026-000 5/4/2006SenateHouse Amendment No. 2 Senate Concurs 032-026-000 5/4/2006SenatePassed Both Houses 5/18/2006SenateSent to the Governor 5/19/2006SenateGovernor Approved 5/19/2006SenateEffective Date May 19, 2006 5/19/2006SenatePublic Act . . . . . . . . . 94-0774