IL SB1423

Authorizes chief procurement officers to designate a "fair proportion" of state construction, supply, and service contracts as set-asides exclusively for veteran-owned small businesses in Illinois

Defines eligible businesses as either qualified service-disabled veteran-owned small businesses or qualified veteran-owned small businesses certified by the Commission on Equity and Inclusion

Allows purchasing agencies to withdraw a veteran small business set-aside designation when in the state's best interest, requiring rejection of all bids and re-solicitation under standard procurement rules

Requires each chief procurement officer to submit an annual report to the General Assembly by November 1, detailing the number of veteran-owned businesses that bid, contracts awarded, and total contract value for the preceding fiscal year

Grants chief procurement officers authority to adopt rules implementing the veteran-owned small business set-aside program