Bill > SB2792

This bill, titled the Small Business Economic Incentive Act, mandates that starting January 1, 2027, at least half of the total monetary value of all economic incentives provided by the State or any State agency to businesses must be awarded to small businesses, defined as those employing 50 or fewer full-time employees, where a full-time employee is someone working at least 30 hours per week or meeting industry standards for full-time work. Economic incentives are defined as tax credits or other financial benefits given to businesses for purposes like creating jobs, improving infrastructure, or fostering economic development. This requirement does not apply to incentives awarded before January 1, 2027, even if they are distributed or used later, and State agencies will be required to report annually on their compliance with this new provision, providing data to support their claims.

Budget and Finance

https://www.ilga.gov/Legislation/BillStatus?DocNum=2792&GAID=18&DocTypeID=SB&SessionID=114&GA=104