IVCA Provides Updates for State and Federal Legislative Issues - 03.14.18

IVCA Provides Updates for State and Federal Legislative Issues - 03.14.18

 

IVCA Illinois Legislative Report
David Stricklin / Stricklin & Associates
March 14, 2018
 

PRIMARY DAY TUESDAY MARCH 20

Heading into the primary election next Tuesday, Governor Rauner and JB Pritzker seem poised to be nominated by their parties as the candidates for Governor in November 2018.  A preview of the race?  From Tuesday morning on a southern Illinois radio station as reported by Capitol Fax:

* From Gov. Bruce Rauner’s interview on WJPF Radio this morning

I’m the one person who can beat JB Pritzker and Madigan and I will beat JB Pritzker and Madigan.

Pritzker, I know him. He’s a tax dodger, he hides his money in the Cayman Islands, he rips toilets out of mansions he buys, so he doesn’t have to pay the full property taxes on them. He tried to buy a Senate seat from Blagojevich. We are gonna blow him up and take him down. We are gonna beat him. He’s Madigan’s handpicked candidate.

If Pritzker were to win, it would turn out the lights in Illinois. And I’m gonna pound him, we’re gonna beat him. And I’m excited to do it.

As we’ve mentioned before, with both candidates having significant professional careers in VC/PE, our industry will be examined closely and will likely be the subject of any number of unflattering news stories.  Very few (no) reporters will write a story talking about the companies they’ve started, built, turned around or grown into economic engines.  Be prepared.

 

PRIVILEGE TAX ON ICE UNTIL APRIL

When it adjourns Thursday of this week the Illinois Senate will follow the Illinois House into election season and then Spring Break, and won’t return to the Capitol until the week of April 9.  This is an excellent time for you to make contact with your state representative and state senator and let them know you oppose these bills:

HB 4293

http://www.ilga.gov/legislation/billstatus.asp?DocNum=4293&GAID=14&GA=100&DocTypeID=HB&LegID=108804&SessionID=91

SB 3189

http://www.ilga.gov/legislation/BillStatus.asp?GA=100&DocTypeID=SB&DocNum=3189&GAID=14&SessionID=91&LegID=110869

IVCA leadership has been actively participating in conversations with Illinois legislators to advise them against supporting these measures.  Hearing from you, someone who lives in their district, is very valuable.

 

TECHNOLOGY DEVELOPMENT ACCOUNT PHASE 3

TDA (Technology Development Account) is the highly successful program run by the office of the Treasurer of Illinois investing in Illinois technology startups.  IVCA through its role on the TDA board has helped give sound guidance and direction to the program over the years.  The second iteration of TDA has been named the Illinois Growth and Innovation Fund by the Treasurer.  http://illinoistreasurer.gov/Businesses/Technology_Development_Accounts

We believe the time is right to proceed with a third fund and the Treasurer’s office has introduced SB 3205.  You may review the legislation here:

http://www.ilga.gov/legislation/BillStatus.asp?DocNum=3205&GAID=14&DocTypeID=SB&LegId=110900&SessionID=91

When the General Assembly returns in April we expect the bill to proceed first through the Illinois Senate, then go over to the Illinois House.