SB2792

Illinois SB2792 mandates that at least 50% of economic incentives awarded by the state be given to businesses with 50 or fewer full-time employees.

Illinois SB2792, known as the Small Business Economic Incentive Act, requires that at least 50% of the dollar value of all economic incentives awarded to businesses by the State or any State agency on or after January 1, 2027, be awarded to businesses with 50 or fewer full-time employees. This Act does not apply to any economic incentives awarded before January 1, 2027, including those awarded before that date but not distributed or used until after. Economic incentives include tax credits or other incentives for job creation, infrastructure improvements, or economic development.