Bill > SB3203

This bill appropriates $700,000 from the state's General Revenue Fund to the Department of Commerce and Economic Opportunity (DCEO), a state agency responsible for economic development. This funding is designated for a grant to the Illinois Center for Employee Ownership, an organization focused on promoting employee ownership models. The purpose of this grant is to expand educational programs, outreach efforts, and technical assistance aimed at helping businesses transition to employee ownership, which is a business structure where employees collectively own a significant portion of the company. This support will assist small businesses in exploring and implementing succession plans through employee ownership. The bill will become effective on July 1, 2026.

https://www.ilga.gov/Legislation/BillStatus?DocNum=3203&GAID=18&DocTypeID=SB&SessionID=114&GA=104