|Governor Quinn Signs Bill to Boost Small Businesses Owned by Illinois Veterans|
|News Releases - Business, Economy & Finance|
|Written by Katelyn Tye|
|Tuesday, 09 August 2011 12:09|
New Law Helps Small Businesses Participate in State Projects
TINLEY PARK – August 5, 2011. Governor Pat Quinn today signed legislation to boost small businesses owned by Illinois Veterans. Under the new law, the state will set an annual goal of 3 percent of every state contract to be set aside for businesses owned by Veterans and service-disabled Veterans.
“Veterans who have taken the initiative to start small businesses and help create jobs should be supported when competing for government contracts,” Governor Quinn said. “We must honor the men and women who have honorably served our country. This important law further recognizes the commitment made by those Veterans who have returned home and are working to support their communities.”
Sponsored by Sen. Maggie Crotty (D-Oak Forest) and Rep. Linda Chapa LaVia (D-Aurora), Senate Bill 1270 amends the Illinois procurement code to help Veteran-owned small businesses better compete in the state bidding process. To be eligible, the businesses must be based in Illinois and be at least 51 percent owned by Veterans or service-disabled Veterans
The new law sets an annual goal of 3 percent of every state contract to go to service-disabled Veteran-owned small businesses (SDVOSB) and Veteran-owned small businesses (VOSB) with annual gross sales of $75 million or less. Larger Veteran-owned businesses can apply for an exemption if they can demonstrate that a significant number of Veteran-owned suppliers or subcontractors would benefit.
Senate Bill 1270 passed the General Assembly unanimously and was supported by the International Brotherhood of Teamsters, Veterans of Foreign Wars (VFW), JAR Consulting, American Institute of Architects – Illinois Council, American Council of Engineering Companies of Illinois, American Institute of Architects and the Illinois Department of Professional Engineers.
The new law takes effect immediately.
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