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IL SB2791

Bill

Official Source

Status

Failed

1/7/2025

Primary Sponsor

Laura Murphy

Click for details

Origin

Senate

103rd General Assembly

AI Summary

  • Creates the Small Business Economic Incentive Act effective January 1, 2025
  • Requires at least 50% of the dollar value of all state economic incentives awarded to businesses go to businesses with 50 or fewer full-time employees
  • Defines "economic incentive" as tax credits or other incentives for job creation, infrastructure improvements, or economic development
  • Defines "full-time employee" as someone working at least 30 hours per week or meeting industry standards for full-time employment
  • Exempts all economic incentives awarded prior to January 1, 2025 from the requirement, regardless of distribution or usage timing
  • Requires state agencies to report annually on compliance with the act and provide supporting data

Legislative Description

SMALL BUSINESS INCENTIVES

Last Action

Session Sine Die

1/7/2025

Committee Referrals

Assignments5/17/2024
Appropriations1/31/2024
Assignments1/17/2024

Full Bill Text

No bill text available