Tim Alexander, Senior Director, Business Research & Analysis | LinkedIn
Tim Alexander, Senior Director, Business Research & Analysis | LinkedIn
The Illinois General Assembly concluded its 2024 regular session today. Greater St. Louis, Inc. expressed satisfaction with the legislative outcomes, highlighting efforts to improve the state's legal climate and boost investment in local businesses and entrepreneurs.
"Greater St. Louis, Inc. and our Illinois partners secured important wins for the metro this legislative session," stated Adam Kazda, Vice President of Government Relations. "We thank our private sector partners and our metro delegation for prioritizing programs and policies that directly benefit the bi-state St. Louis metro."
Key policy achievements during this session included:
**Reforming Illinois' Legal Climate:** Greater St. Louis, Inc. supported reforms to the Biometric Information Privacy Act (BIPA). Since 2019, over 1,500 BIPA class action lawsuits have been filed in Illinois, often without actual damages, resulting in average settlements of $1.2 million each. These lawsuits have hindered business recruitment and retention efforts. While not addressing all issues with BIPA, the new legislation introduces significant reforms aimed at improving the state's legal environment for business growth. Kazda acknowledged Senators Christopher Belt and Jil Tracy, House Assistant Majority Leader Jay Hoffman, and Representative Katie Stuart for their support.
**Boosting Investment in Innovation:** The organization also advocated for broader distribution of the Illinois Growth and Innovation Fund (ILGIF), a $1 billion impact investment fund targeting technology businesses within the state. Currently managed by the State Treasurer, ILGIF primarily benefits Chicagoland area businesses. Greater St. Louis, Inc. is engaged in ongoing discussions with the Treasurer's office to explore investment opportunities in southwest Illinois.
**Supporting Main Streets:** Progress was made on an office conversion bill designed to revitalize downtown areas and Main Streets across Illinois by converting vacant office spaces into residential or commercial properties. This initiative follows similar efforts at the federal level and aims to replicate Missouri's Revitalizing Downtowns and Main Streets Act.
Kazda emphasized that these legislative advancements are crucial for fostering a more conducive environment for business growth and innovation within the state.
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