Illinois HB5624 allocates $700,000 to the Illinois Center for Employee Ownership for education and support on employee ownership transitions.
Illinois HB5624 appropriates $700,000 from the General Revenue Fund to the Department of Commerce and Economic Opportunity. The funds are designated for a grant to the Illinois Center for Employee Ownership. This grant aims to expand education, outreach, and technical assistance related to employee ownership transitions. Additionally, it supports small businesses in evaluating and pursuing succession through employee ownership. This Act takes effect July 1, 2026.
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