Illinois 2025-2026 Regular Session

Illinois Senate Bill SB2005 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2005 Introduced 2/6/2025, by Sen. Laura M. Murphy SYNOPSIS AS INTRODUCED: New Act Creates the Small Business Economic Incentive Act. Provides that at least 50% of the dollar value of all economic incentives awarded to businesses by the State or by any State agency on or after January 1, 2026 shall be awarded to businesses with 50 or fewer full-time employees. Effective January 1, 2026. LRB104 07935 HLH 17981 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2005 Introduced 2/6/2025, by Sen. Laura M. Murphy SYNOPSIS AS INTRODUCED: New Act New Act Creates the Small Business Economic Incentive Act. Provides that at least 50% of the dollar value of all economic incentives awarded to businesses by the State or by any State agency on or after January 1, 2026 shall be awarded to businesses with 50 or fewer full-time employees. Effective January 1, 2026. LRB104 07935 HLH 17981 b LRB104 07935 HLH 17981 b A BILL FOR
2	2	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2005 Introduced 2/6/2025, by Sen. Laura M. Murphy SYNOPSIS AS INTRODUCED:
3	3	New Act New Act
4	4	New Act
5	5	Creates the Small Business Economic Incentive Act. Provides that at least 50% of the dollar value of all economic incentives awarded to businesses by the State or by any State agency on or after January 1, 2026 shall be awarded to businesses with 50 or fewer full-time employees. Effective January 1, 2026.
6	6	LRB104 07935 HLH 17981 b LRB104 07935 HLH 17981 b
7	7	LRB104 07935 HLH 17981 b
8	8	A BILL FOR
9	9	SB2005LRB104 07935 HLH 17981 b SB2005 LRB104 07935 HLH 17981 b
10	10	SB2005 LRB104 07935 HLH 17981 b
11	11	1 AN ACT concerning State government.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 1. Short title. This Act may be cited as the Small
15	15	5 Business Economic Incentive Act.
16	16	6 Section 5. Definitions. As used in this Section:
17	17	7 "Economic incentive" means tax credits or other economic
18	18	8 incentives appropriated by the State and awarded or
19	19	9 distributed to businesses for the purpose of job creation,
20	20	10 infrastructure improvements, or economic development.
21	21	11 "Full-time employee" means an individual who works for a
22	22	12 business for at least 30 hours a week or who renders any other
23	23	13 standard of service generally accepted by industry custom or
24	24	14 practice as full-time employment.
25	25	15 "State agency" has the meaning given to that term in
26	26	16 Section 1-7 of the State Auditing Act.
27	27	17 Section 10. Economic incentives; businesses with 50 or
28	28	18 fewer employees. Notwithstanding any other provision of law,
29	29	19 at least 50% of the dollar value of all economic incentives
30	30	20 awarded to businesses by the State or by any State agency on or
31	31	21 after January 1, 2026 shall be awarded to businesses with 50 or
32	32	22 fewer full-time employees. This Act shall not apply to any
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36	36	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB2005 Introduced 2/6/2025, by Sen. Laura M. Murphy SYNOPSIS AS INTRODUCED:
37	37	New Act New Act
38	38	New Act
39	39	Creates the Small Business Economic Incentive Act. Provides that at least 50% of the dollar value of all economic incentives awarded to businesses by the State or by any State agency on or after January 1, 2026 shall be awarded to businesses with 50 or fewer full-time employees. Effective January 1, 2026.
40	40	LRB104 07935 HLH 17981 b LRB104 07935 HLH 17981 b
41	41	LRB104 07935 HLH 17981 b
42	42	A BILL FOR
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48	48	New Act
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65	65	SB2005- 2 -LRB104 07935 HLH 17981 b SB2005 - 2 - LRB104 07935 HLH 17981 b
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67	67	1 economic incentives awarded prior to January 1, 2026,
68	68	2 including, but not limited to, incentives awarded prior to
69	69	3 January 1, 2026 but not distributed or used until after
70	70	4 January 1, 2026.
71	71	5 State agencies shall confirm in their annual reports
72	72	6 whether or not they comply with the provisions of this Act and
73	73	7 shall provide adequate data to support those representations.
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79	79	SB2005 - 2 - LRB104 07935 HLH 17981 b