(Bloomberg) -- Illinois Governor J.B. Pritzker is renewing a $400 million fund aimed at attracting businesses to the state as part of his annual budget. 

The so-called “closing fund,” first created last year, will be maintained, with any unused sums from the previous period to be re-appropriated, according to budget documents released on Wednesday. The incentives are for businesses to relocate, expand or remain in the state. 

American states are battling to lure companies in industries such as clean energy and manufacturing. States including Texas and Michigan having deeper pockets than Illinois, but Pritzker last year still used the fund to help bring a $2 billion gigafactory by Chinese battery maker Gotion High-tech Co.

Illinois has been trying to position itself as a hub for new technologies from quantum computing to life sciences and electric vehicle manufacturing. About a year ago, the state created a task force, known as Innovate Illinois, aimed at luring federal funding.

Wednesday’s announcement was part of Pritzker’s $52.7 billion state budget that raises levies on sports betting and extends caps on corporate tax deductions.

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