IL SB1491

Amends the Business Corporation Act of 1983 to require corporations with state contracts to report professional services suppliers by category (legal, accounting, media placement, technology, asset management, consulting) in their annual Secretary of State filings.

Reporting must include the percentage of owners and employees in each supplier category who are women or members of minority groups, with minority groups identified specifically as African American, Latin American, and Asian American and Pacific Islander.

Corporations must comply with reporting requirements as soon as practicable after the bill's effective date, but no later than January 1, 2024.

Corporations already submitting annual supplier diversity reports to the Illinois Commerce Commission under the Business Enterprise for Minorities, Women, and Persons with Disabilities Act are exempted from these reporting requirements.

The bill is effective immediately.