IL HB5728

Amends the Illinois Procurement Code to establish that no service business qualifies as a small business if its average annual gross revenue for the 3 most recently completed fiscal years equals or exceeds $6,000,000.

Defines "very small business" in the Small Business Contracts Act as a small business with average annual gross revenue of less than $500,000 over its 3 most recently completed fiscal years.

Establishes a goal that not less than 1% of the total dollar amount of State contracts shall be awarded to very small businesses, in addition to the existing 10% goal for small businesses.

Updates references in the Small Business Contracts Act to reflect the new definition and contract award goal for very small businesses.

Takes effect immediately upon becoming law.