Bill > SB2005

This bill creates the Small Business Economic Incentive Act, which aims to support small businesses by mandating that at least 50% of the total dollar value of economic incentives awarded by the State of Illinois or its agencies after January 1, 2026, go to businesses with 50 or fewer full-time employees. The bill defines key terms such as "economic incentive" (tax credits or other economic support for job creation, infrastructure, or development), "full-time employee" (an individual working at least 30 hours per week or meeting industry standards for full-time work), and "state agency" (as defined in the State Auditing Act). State agencies will be required to confirm their compliance with this requirement in their annual reports and provide supporting data. Importantly, the law does not apply to economic incentives awarded before January 1, 2026, even if those incentives are distributed or used after that date. The legislation represents a significant effort to direct more state economic support toward smaller businesses, potentially helping to strengthen local economies and support smaller enterprises that might otherwise struggle to compete for economic incentives.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2005&GAID=18&DocTypeID=SB&SessionID=114&GA=104