Statement from John Conrad, President & CEO, Illinois Biotechnology Innovation Organization (iBIO), on Governor Pritzker’s Budget Address

Statement from John Conrad, President & CEO, Illinois Biotechnology Innovation Organization (iBIO), on Governor Pritzker's Budget Address

by John Conrad| Feb 18, 2026| Policy News

John Conrad, President and CEO of the Illinois Biotechnology Innovation Organization (iBIO), released the following statement in response to Governor JB Pritzker's Budget Address:

"iBIO commends Governor Pritzker for the proactive economic development initiatives outlined in his Operating Budget. In particular, we strongly support his proposal to modernize the Illinois Research & Development (R&D) Tax Credit by aligning it with the federal credit. This commonsense reform will reduce administrative burdens, save companies time and expense, and make it easier for innovators to invest and grow in Illinois.

We are especially grateful that the Governor has included one of iBIO's longstanding policy priorities-making the Illinois R&D Tax Credit transferable. This is a transformative step for our startup and growth-stage ecosystem. Transferability allows companies with little or no current tax liability to monetize their credits immediately, improving cash flow and providing access to non-dilutive capital without the need for complex financing structures.

Access to capital remains one of the greatest challenges facing the startup life sciences ecosystem, as financial and investment markets continue to recover. Expanding economic tools that enable companies to tap into additional sources of non-dilutive capital will be critical to sustaining and accelerating innovation in our state.

States that have implemented transferable R&D tax credits have demonstrated measurable economic returns. Over a four-year period, comparable programs have generated a net tax revenue impact of $6.1 million, a net return on investment of 12 cents per dollar, and the creation of 915 full-time equivalent jobs. Multiple studies further show that every $1.00 in R&D tax credit can incentivize between $1.00 and $1.50 in private-sector R&D spending.

These policies will not only strengthen Illinois' startup and growth-stage community, but also send a clear message that Illinois is at the forefront of supporting a dynamic and innovative ecosystem. By making the Illinois R&D Tax Credit transferable, our state positions itself alongside leading innovation hubs nationwide-committed to fostering breakthrough research, attracting investment, and advancing cutting-edge technologies that help patients live longer, healthier, and happier lives."