IL SB2229

Expands the definition of "qualified service-disabled veteran-owned small business" (SDVOSB) and "qualified veteran-owned small business" (VOSB) to include businesses with a significant business presence in Illinois, not just those with home offices in Illinois.

Removes the residency requirement that previously mandated veteran owners be "living in Illinois," allowing out-of-state veteran business owners to qualify.

Defines "significant business presence" as authorization to do business in Illinois with a contribution to the state economy through taxes, purchase of Illinois goods/services, or employment of Illinois payroll.

Maintains the existing state procurement goal of at least 3% of total State contract dollars awarded to SDVOSB and VOSB firms, including subcontracting arrangements.

Establishes penalties including suspension from state contracting for at least 3 years (extended to 5 years for repeat violations) and certification revocation for businesses that misrepresent their veteran-owned status.