(a)The Industrial Biotechnology Human Capital Fund is created as a special fund in the State treasury and may receive funds from any source, public or private, including moneys appropriated for use by the Department of Commerce and Economic Opportunity and laboratories and institutions conducting industrial biotechnology research. Subject to appropriation, the Industrial Biotechnology Human Capital Fund shall receive moneys from the General Revenue Fund until June 30, 2025. Each eligible entity receiving a grant under this Section shall, as a condition of receiving the grant, contribute moneys to the Fund as part of a cost-sharing agreement between the grantee and the Department of Commerce and Economic Opportunity in accordance with rules adopted by the Department of Commerce and Economi
Free access — add to your briefcase to read the full text and ask questions with AI
(a) The Industrial Biotechnology Human Capital Fund is created as a special fund in the State treasury and may receive funds from any source, public or private, including moneys appropriated for use by the Department of Commerce and Economic Opportunity and laboratories and institutions conducting industrial biotechnology research. Subject to appropriation, the Industrial Biotechnology Human Capital Fund shall receive moneys from the General Revenue Fund until June 30, 2025. Each eligible entity receiving a grant under this Section shall, as a condition of receiving the grant, contribute moneys to the Fund as part of a cost-sharing agreement between the grantee and the Department of Commerce and Economic Opportunity in accordance with rules adopted by the Department of Commerce and Economic Opportunity. Grants issued under this Section may be for a period of 2 years. An eligible entity issued a grant under this Section shall be eligible for more than one such grant, but no more than one grant annually, for the purpose of hiring and retaining experts in residence; however, such entity may maintain more than one grant at any given time. (b) Subject to appropriation, moneys in the Fund shall be used for providing grants to laboratories and research institutions for the purpose of hiring and retaining in-house specialists, to be known as experts in residence, with the knowledge and experience in moving industrial biotechnology products through the development phase. (c) To be eligible for grants provided from the Fund, an entity must be a State-sponsored, university-affiliated laboratory or research institution conducting collaboratives or for-hire research in the development of biorenewable chemicals, bio-based polymers, materials, novel feeds, or additional value added biorenewables. Eligible entities must also establish that the expert in residence they seek to hire or retain using the grant funds possesses expertise in fermentation engineering, process engineering, catalytic engineering, analytical chemistry, or is a scale-up specialist. (d) On or before January 31 of the next calendar year to occur after the last day of any State fiscal year in which the Department of Commerce and Economic Opportunity receives State funding for the Program under this Section, the Department of Commerce and Economic Opportunity shall submit an annual report to the General Assembly and the Governor on the use of moneys in the Fund. The report shall include, but not be limited to: (i) the number of laboratories or institutions utilizing moneys in the Fund, including the name of such entities; (ii) the number of experts in residence hired by each laboratory or institution; (iii) the expertise or specialty area of each expert in residence hired or retained; and (iv) a summary of the benefit to the economy of the State of Illinois economy in providing the grants. (e) The Department of Commerce and Economic Opportunity shall adopt all rules necessary for the implementation of this Section.