Illinois SB2005 mandates that 50% of economic incentives awarded by the state or its agencies be given to businesses with 50 or fewer full-time.
The Small Business Economic Incentive Act requires that at least half of the dollar value of all economic incentives awarded by the state or any state agency on or after January 1, 2026, go to businesses with 50 or fewer full-time employees. This applies to tax credits or other economic incentives intended for job creation, infrastructure improvements, or economic development. The act does not apply to incentives awarded before January 1, 2026, even if they are distributed afterward. State agencies must report annually on their compliance with this act, providing data to support their claims.
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- Legal Framework
- Critical Issues
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