SPRINGFIELD – State Senator Steve Stadelman’s (D-Rockford) legislation to help the state invest in construction projects throughout Illinois passed committee Wednesday.

The legislation allows the state treasurer to invest up to 5% of the state’s investment portfolio into Illinois infrastructure development companies. This change in the law would allow up to $700 million in financing.

“Investing in construction is also investing in workers,” Stadelman said. “This opportunity will create good-paying jobs across Illinois.”

The legislation encourages more businesses to locate, expand, and remain in Illinois by investing in quality construction development firms with a significant presence within state borders.

“This measure creates new economic development opportunities for the state,” Stadelman said. “The construction industry is a key part of our state’s economy, so it makes sense to allow the treasurer to invest in infrastructure projects.”

Senate Bill 117 passed the Senate State Government Committee with a vote of 9-0 and now goes to the Senate floor for further consideration.