IL HB4997

Reduces the prejudgment interest rate on personal injury and wrongful death judgments from 6% to 5% per annum

Amends Section 2-1303 of the Illinois Code of Civil Procedure governing interest on judgments

The reduced 5% rate applies to calculating interest added to judgments, excluding punitive damages, sanctions, statutory attorney's fees, and statutory costs

When a defendant's settlement offer exceeds the final judgment amount, no prejudgment interest is added; when the judgment exceeds the offer, interest applies only to the difference between the judgment and the highest settlement offer

Takes effect immediately upon becoming law