Summer Food Service Program
House Bill 3429 creates an Illinois intrastate exemption, which allows Illinois residents to directly invest in Illinois small businesses online. Currently, 15 states have already passed similar legislation including neighboring states such as Indiana, Wisconsin and Michigan.
“The Illinois Intrastate crowdfunding bill gives Illinois entrepreneurs and small business access to new sources of capital and incentivizes Illinois residents to invest locally,” said Anthony Zeoli, Chicago attorney and crowdfunding expert.
This legislation encourages local investment and would create new jobs in Illinois.
“Allowing companies to raise reasonable sums of money from a large pool of Illinois citizens and providing investors with small ownership interests in the enterprises will stimulate our economy and create jobs,” said Elliot Richardson the CEO of the Small Business Advocacy Council.
HB 3429 passed the Senate and House with bipartisan support.