Illinois HB1372 mandates that at least 50% of economic incentives awarded by the state or any state agency must go to businesses with 50 or fewer.
HB1372, known as the Small Business Economic Incentive Act, requires that at least 50% of the dollar value of all economic incentives awarded by the State or any state agency on or after January 1, 2026, must be awarded to businesses with 50 or fewer full-time employees. This applies to economic incentives such as tax credits or other incentives aimed at job creation, infrastructure improvements, or economic development. The act does not apply to incentives awarded before January 1, 2026, even if they are distributed after that date.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.