IL HB4981

Amends the State Prompt Payment Act by reducing the interest penalty rate on late state payments from 1.0% per month to 0.75% per month for bills paid on or after the effective date.

Applies the reduced 0.75% monthly interest rate (or 0.025% daily) to bills approved for payment under state fiscal year 2012 and later, after the initial 90-day payment period.

Maintains the previous 1.0% monthly interest rate (or 0.033% daily) for bills paid prior to this amendatory act.

Takes effect immediately upon becoming law.