Disclaimer: This summary was generated using AI and is based on the original “2024 End of Session Report” published by the Illinois Chamber of Commerce. All opinions and content reflect the original document. The La Grange Business Association (LGBA) shares this as a convenience for members interested in Illinois legislative updates. The full report can be accessed here.
The Illinois Chamber of Commerce’s 2024 End of Session Report provides a detailed overview of legislative developments impacting businesses across the state. Below are some key takeaways relevant to our members.
Budget and Taxation Highlights
- FY25 Budget: Governor J.B. Pritzker signed the FY25 budget into law. While the budget includes positive changes such as updates to sales taxation on leasing, concerns remain regarding the $1 billion in new revenue measures that could strain businesses.
- Tax Legislation: Adjustments include increased surcharges for workers’ compensation funds, generating significant additional revenue for the state.
Employment Law Changes
- Workers’ Compensation: SB 1996 introduces modest assessment increases and strengthens measures against employer fraud. The bill promises further reforms in 2025.
- Employer-Employee Relations: Multiple bills, such as SB 3208 (pay stub access) and SB 3310 (extended statute of limitations for human rights complaints), impose new compliance requirements for employers.
Notable Wins and Challenges for Business Advocacy
- Biometric Information Privacy Act (BIPA) Reform: SB 2979, addressing longstanding concerns, caps damages on a per-person basis and simplifies opt-in processes. However, business advocates like the Chamber continue to push for a security exception to reduce unintended burdens.
- Carbon Capture Legislation: SB 1289, hailed as a major step forward, enables Illinois to embrace federal carbon capture programs. Despite its success, the bill includes temporary moratoriums on CO2 pipelines, signaling room for further refinement.
Sector-Specific Legislation
Energy:
- New regulations on CO2 pipelines and battery storage systems aim to balance environmental and economic interests.
Healthcare:
- Legislative actions spanned over 350 bills. A key focus was the Health Care Consumer Access and Protection Act, targeting prior authorization and rate transparency for insurers.
Environment:
- Wetlands protection and PFAS regulation remain high-priority but contentious topics, with several bills postponed for future sessions.
Looking Ahead
The Illinois Chamber of Commerce identifies unfinished business and legislative priorities for the coming year. These include advancing BIPA reforms, addressing energy-related legislative gaps, and refining budgetary strategies to support business growth while maintaining fiscal responsibility.
Final Thoughts
The LGBA recognizes the importance of staying informed on legislative developments that affect businesses. We encourage members to review the full report for an in-depth understanding of these changes. For questions or concerns, please reach out to the Illinois Chamber of Commerce or our office directly.