SB0181 Summary

• Amends the State Prompt Payment Act to extend the payment deadline from 60 days to 90 days for bills approved on or after July 1, 2023, with exceptions for certain healthcare-related bills.

• Establishes a new prompt payment interest rate to be determined annually by the State Comptroller starting July 1, 2023, set at the greater of 0.25% per month (3% annually) or 2 times the Consumer Price Index increase from the prior 12 months.

• Reduces the fixed late payment interest penalty from 1.0% per month to the variable prompt payment interest rate for bills approved after July 1, 2023, excluding nursing facility services under Article V of the Illinois Public Aid Code.

• Maintains a 60-day payment deadline for bills submitted under Article V of the Illinois Public Aid Code (except pharmacy bills), with a 2.0% monthly interest penalty for late payment.

• Takes effect immediately upon enactment.