IL SB2202

Extends the 90-day payment period to State fiscal year 2018 and future fiscal years for bills approved for payment under the State Prompt Payment Act.

Reduces the interest penalty on late payments from 1.0% monthly to 0.3% monthly (or 0.01% daily) for payments made after the 90-day period beginning in fiscal year 2018.

Limits the interest rate reduction to bills approved for payment starting in State fiscal year 2018, while maintaining the existing 90-day payment period and 1.0% monthly interest rate (or 0.033% daily) for fiscal years 2012-2017.

Retains existing exceptions for pharmacy and nursing facility services under Article V of the Illinois Public Aid Code, which maintain their own interest rate structures.