Illinois General Assembly - Full Text of SB2791
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Full Text of SB2791  103rd General Assembly

SB2791 103RD GENERAL ASSEMBLY

 


 
103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB2791

 

Introduced 1/17/2024, by Sen. Laura M. Murphy

 

SYNOPSIS AS INTRODUCED:
 
New Act

    Creates the Small Business Economic Incentive Act. Provides that at least 50% of the dollar value of all economic incentives awarded to businesses by the State or by any State agency on or after January 1, 2025 shall be awarded to businesses with 50 or fewer full-time employees. Effective January 1, 2025.


LRB103 36071 HLH 66159 b

 

 

A BILL FOR

 

SB2791LRB103 36071 HLH 66159 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the Small
5Business Economic Incentive Act.
 
6    Section 5. Definitions. As used in this Section:
7    "Economic incentive" means tax credits or other economic
8incentives appropriated by the State and awarded or
9distributed to businesses for the purpose of job creation,
10infrastructure improvements, or economic development.
11    "Full-time employee" means an individual who works for a
12business for at least 30 hours a week or who renders any other
13standard of service generally accepted by industry custom or
14practice as full-time employment.
15    "State agency" has the meaning given to that term in
16Section 1-7 of the State Auditing Act.
 
17    Section 10. Economic incentives; businesses with 50 or
18fewer employees. Notwithstanding any other provision of law,
19at least 50% of the dollar value of all economic incentives
20awarded to businesses by the State or by any State agency on or
21after January 1, 2025 shall be awarded to businesses with 50 or
22fewer full-time employees. This Act shall not apply to any

 

 

SB2791- 2 -LRB103 36071 HLH 66159 b

1economic incentives awarded prior to January 1, 2025,
2including, but not limited to, incentives awarded prior to
3January 1, 2025 but not distributed or used until after
4January 1, 2025.
5    State agencies shall confirm in their annual reports
6whether or not they comply with the provisions of this Act and
7shall provide adequate data to support those representations.
 
8    Section 99. Effective date. This Act takes effect January
91, 2025.