Bill > SB1780

This bill amends the Invest in Illinois Act to prohibit economic incentives for certain businesses with connections to "countries of concern," specifically the People's Republic of China. Under the proposed legislation, an entity would be ineligible for economic incentives if it is either organized under the laws of or has its principal place of business in a foreign country of concern, or if the government of such a country holds a controlling interest in the entity. The bill defines "controlling interest" as the power to direct a company's management or policies, with a presumption of control established if an entity owns or is entitled to 25% or more of the company's voting interests or profits. By implementing these restrictions, the bill aims to limit economic support for businesses with significant ties to specified foreign countries, potentially as a measure to protect state economic interests or address geopolitical concerns.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1780&GAID=18&DocTypeID=SB&SessionID=114&GA=104