summary
Introduced
01/29/2026
01/29/2026
In Committee
02/10/2026
02/10/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Appropriates $700,000 from the General Revenue Fund to the Department of Commerce and Economic Opportunity for a grant to the Illinois Center for Employee Ownership for the purpose of expanding education, outreach, and technical assistance related to employee ownership transitions and supporting small businesses in evaluating and pursuing succession through employee ownership. Effective July 1, 2026.
AI Summary
This bill appropriates $700,000 from the state's General Revenue Fund to the Department of Commerce and Economic Opportunity (DCEO), which is a state agency responsible for economic development. This funding is designated for a grant to the Illinois Center for Employee Ownership. The purpose of this grant is to expand educational programs, outreach efforts, and technical assistance aimed at helping businesses transition to employee ownership, a business model where employees collectively own and control the company. This support will assist small businesses in exploring and implementing succession plans through employee ownership, with the changes taking effect on July 1, 2026.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Assigned to Appropriations (on 02/10/2026)
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