Year-End Business Check-up No. 8:

To help you complete a check-up and strategic year-end planning for your business, we will publish helpful tips and ideas through the end of the year. This tip is part of our ongoing series.

Business Check-up No. 8:

Are you maximizing your intellectual property rights? Meet with your business lawyer to discuss ways you can you monetize your IP rights and secure potential new sources of income. Be sure to have measures in place to secure and protect your valuable intellectual property rights and trade secrets. Address any infringements and/or possible disputes over your IP rights, licensing and trade secrets.

Check for updates every week day through December 31st.

Happy Holidays from Griffith & Jacobson, LLC!

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For information on how the business lawyers at Griffith & Jacobson, LLC can help your business grow, contact Arieh M. Flemenbaum at 312-236-8110 or by email at Contact Us (http://www.gjlaw.com/contact).

Griffith & Jacobson, LLC – We know business – Chicago’s Business Lawyers.

 

Illinois passes Tax Credits to Boost Tech Investment

The Illinois General Assembly has passed a bill that should increase investment in emerging technologies and bring jobs to  Illinois. The bill sets aside $10 million in tax credits to assist Illinois-based investors in startup companies that commercialize new technologies. A tax credit against state taxes can be provided to investors funding Illinois-based technology firms. The tax credit is capped at 25 percent.

In our post on 5/11/10 we supported the revival of Senate Bill 1522 (go to: Bring Jobs to Illinois – Revive the Emerging Technology Bill). A pared-down version of  SB1522  was resurrected and incorporated into the bill that was approved last week. The angel tax credit now awaits Governor Quinn's signature. The Governor is expected to sign the bill into law, which should occur by this November. Assuming the bill becomes law, the credits could be effective starting next year.

Small, innovative tech-related companies are central to global competitiveness and job creation.  Illinois has been a major hub for tech-related companies, as evidenced last month by the tremendous turnout at the 2010 BIO International Convention (considered the global event for biotechnology) hosted in Chicago. The event closed with a record number of attendees (15,322 industry leaders from 49 states and 65 countries) - to read more on the 2010 BIO International Convention go to: http://convention.bio.org/content.aspx?id=3012.

The bill's passage will enhance Illinois' ability to attract more companies by positioning Illinois as "friendly" to tech-related companies. However, to remain competitive and attract more tech-related companies to Illinois, more has to be done.  Illinois has lagged behind several other Midwestern states in providing tax incentives and grant programs for technology startups. Several neighboring states already offer similar tax credits to investors in tech-related startups, and two such states (Wisconsin and Minnesota) are poised to enhance their tax credit programs.  So, we must continue to pressure the legislature to enhance the tax credit program and add additional incentives and supportive programs.

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For information on how the business lawyers at Griffith & Jacobson, LLC can help your business grow, contact Arieh M. Flemenbaum at 312-236-8110 or by email at Contact Us (http://www.gjlaw.com/CM/Custom/Contact.asp).

Griffith & Jacobson, LLC –  Chicago’s Business Lawyers.

Participate in Crain's survey of Illinois technology businesses

If your business is an Illinois based technology or  internet related business, you should participate in Crain's Chicago Business survey: http://www.surveymonkey.com/s/K5NRPDT

The brief, 10 question survey is being used by Crain's to "identify and quantify the Illinois technology business community, get a sense of its impact on the state's economy and understand the mechanisms in place to support this important sector."

Responses are requested by June 4th, and responses will be kept confidential. The survey's (aggregate) results will be published in Crain's July 5th issue.

The survey can be found at: http://www.surveymonkey.com/s/K5NRPDT

Bring Jobs to Illinois - Revive the Emerging Technology Bill

Spur your congressman to take action on legislation that will help bring jobs to and keep technology investments in Illinois.

Your Illinois congressmen have let Senate bill (SB1522) wither. The bill, if passed will pump up to $15,000,000 (per year) into emerging technology companies in Illinois and provide up to a 25% tax credit for Illinois tech company investors under the Illinois "Emerging Technology Industries Act".

The grant program will be run by the Department of Commerce and Economic Opportunity (the DCEO). The DCEO will award grants to emerging-technology enterprises in Illinois based on certain  requirements set by the Act and its regulations.

Provisions of the bill also amend the Illinois Income Tax Act to create  an income tax credit for qualified investors who make an investment in an emerging technology enterprise in Illinois. The DCEO will certify the amount of the credit and enforce the provisions for the revocation and recapture of the tax credit if the credit's requirements are not met.

The Act will bring quality, tech-related jobs to  and spur investment in the emerging tech businesses in Chicago and throughout Illinois. Various groups and organizations involved in the tech industry such as the Illinois Technology Association support the bill- see http://www.illinoistech.org/associationnews.aspx/497.

Crain's Chicago Business recently ran an article (Bill would boost Illinois' biotech startups) discussing the competitive disadvantage hampering efforts to attracting biotech (and other emerging tech) companies to Illinois:

“Illinois’ programs and support of entrepreneurs don’t even approach what other states are doing from a competitive point of view,” said David Miller, executive director of the Illinois Biotechnology Industry Organization, or iBio."

For the full article go to: http://www.chicagobusiness.com/cgi-bin/news.pl?id=38095

Show your support for the bill and demand that your Congressman revive the bill and bring quality jobs to Illinois.  To find out who is your Congressman go to: http://www.govtrack.us/congress/findyourreps.xpd?state=IL

Support the Illinois Emerging Technology Legislation!