SB 1949 Summary

• Extends the repeal date of Section 1-13 (Illinois Procurement Code applicability to public higher education institutions) from December 31, 2014 to December 31, 2016.

• Adds "Supplier" definition to procurement code for entities providing personal property, equipment, materials, printing, insurance, and financing of supplies available on the commercial market.

• Modifies subcontract thresholds and definitions to clarify that subcontracts of $50,000 or more require disclosure of contractor information to the chief procurement officer within 15 days of request.

• Increases small business size thresholds: wholesale businesses from $10,000,000 to $14,000,000 in annual sales; retail/service businesses to $7,000,000 (adding $25,000,000 threshold for information technology services); includes 100-employee limit for retail businesses.

• Raises financial disclosure requirement threshold for State contracts from $25,000 to $50,000 annual value and changes private company shareholder threshold from 200 to 100 for disclosure exemptions; modifies Iran business disclosure language to prohibit contract awards for non-compliant bids.