Category: Business Law
New Illinois Laws in Effect July 1, 2025
Illinois’ new budget took effect at the start of Fiscal Year 2026, which fell on Tuesday July 1, 2025. Along with the new budget also comes new law and tax changes. The gas tax is set to increase by a rate of 1.3 cents per gallon, raising the tax to $0.483 per gallon. Tax on
Pritzker Signs 2026 Illinois State Budget into Law
Illinois Governor J.B. Pritzker signed six bills comprising the state’s Fiscal Year 2026 budget into law Monday, June 16th, the earliest provisions of which will take effect in roughly two weeks on July 1st. Whereas state budgets historically were passed in the form of a single omnibus bill, the budget for next year was passed
Despite Growing Economic Concerns, Lawmakers Continue to Fail Illinois Businesses
During the most recent legislative session, Illinois General Assembly members passed two bills that are likely to push more businesses out of the state rather than bring them in. Senate Bill 328 could change the way plaintiffs are able to sue foreign corporations, and Senate Bill 1976 would freeze workplace regulation standards in the year
Corporate Transparency Act
On March 2, The U.S. Treasury Department has announced a significant shift in the enforcement of the Corporate Transparency Act (CTA). Under the new policy, The U.S. Treasury Department will no longer enforce penalties or fines related to the beneficial ownership information (BOI) reporting rule under the existing regulatory deadlines. Furthermore, even after forthcoming rule changes take
Illinois Banking and Credit Industry Moves to Quash Law Prohibiting Card Swipe Fees
Banking and credit trade groups asked a Chicago federal judge late Monday to permanently overturn a law which would prohibit banks from collecting “swipe fees” on tax and tip portions of credit and debit card payment transactions. The Interchange Fee Prohibition Act, which was approved as part of Governor J.B. Pritzker’s 2024 budget legislation, stemmed from heavy
Illinois Raises Minimum Wage
While the federal minimum wage has consistently stayed at $7.25 per hour since 2009, many states have decided to increase their minimum wage at the commencement of the new year. In 2025, the highest minimum wage is set to be $17.50 in the District of Columbia, with Washington state and California following closely at $16
FTC Votes to Ban Noncompetes
The Federal Trade Commission (FTC) has voted to approve a regulation which would ban noncompete agreements on a national level. The regulation stipulates that noncompete agreements unfairly limit workers’ mobility and lead to lower pay. The agency first proposed the ban on noncompete agreements in January of 2023, asserting the argument that they unfairly limit
A Comprehensive Overview of the Illinois Trade Secrets Act (765 ILCS 1065/)
The Illinois Trade Secrets Act (“ITSA”) serves as a crucial legal framework for protecting businesses from the unauthorized use or disclosure of confidential information. Enacted under 765 ILCS 1065/1 et seq., the ITSA establishes a cause of action for individuals harmed by the improper access of trade secrets. This article provides a comprehensive overview of
§179D Energy Efficient Tax Deduction
Under the Energy Policy Act of 2005, you may qualify for the Internal Revenue Code §179D energy efficient tax deduction on construction or capital improvement costs designed to increase a building’s energy efficiency. This deduction is available for private or commercial buildings, as well as public schools, federal, state, local government, municipality, and military buildings.
The Surge of Genetic Privacy Lawsuits in Illinois and the Impact of GIPA on Businesses
Illinois’ Genetic Information Privacy Act (GIPA) has gained notable attention alongside the Illinois Biometric Information Privacy Act (BIPA), particularly due to an increase in class action lawsuits, reaching 30 cases in 2023. This surge is attributed to several factors, including parallels in the right of action and remedy provisions shared between GIPA and BIPA. GIPA,