State Rep. Tom Morrison (R—Palatine) wants Illinois to be the next Silicon Valley: a mecca for startups and technology. An example of an Illinois idea that moved on is Netscape, which didn’t come to form until creators moved to the tech hub of Northern California. Morrison sponsored a bill that he says would have encouraged business by increasing the maximum angel investment tax credit and increasing the amount an individual could invest.
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“There are venture capitalists who want to provide seed money to entrepreneurs who have a great idea, but they just need a little kick start,” Morrison said. “So what this does is makes Illinois competitive with area like Silicon Valley, attracting entrepreneurs to start companies right here in Illinois and that can then be fostered and grow into the next Google, the next Yahoo, the next Amazon.”
Morrison says a reason his bill won’t be called is some felt the bill would be costly to the state. Morrison said he will continue with this effort and sponsor the bill again in the next session. The House speaker would not allow the bill to get a committee hearing before a deadline.