IL SB0113

Creates the Small Business Contracts Act establishing a goal that not less than 10% of total dollar amount of State contracts be awarded to small businesses, defined as independently owned and operated businesses with fewer than 50 full-time employees.

Requires each State official or agency to file annual compliance plans with the Department of Commerce and Economic Opportunity outlining small business contracting goals, methods to achieve them, and implementation timetables.

Mandates State officials and agencies submit annual reports and mid-fiscal year reports detailing their utilization of small businesses in contracting, including self-evaluations of goal achievement efforts.

Requires the Department of Commerce and Economic Opportunity to file an annual report by March 1 each year detailing achievement toward goals over the 3 most recent fiscal years, including summaries of appropriations, contracts awarded, and overall goal achievement analysis.

Amends the Department of Commerce and Economic Opportunity Law to require that not less than 25% of total dollar amount available to the Department for awarding grants be awarded to small businesses with fewer than 50 full-time employees.