Gould + Ratner
Illinois Employers Take Note: Key Employment Law Changes Taking Effect in 2027
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Illinois Employers Take Note: Key Employment Law Changes Taking Effect in 2027

Illinois employers face two fairly significant changes to state employment law beginning January 1, 2027.
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FinCEN Permanently Ends Beneficial Ownership Reporting for U.S. Companies and Will Delete Previously Filed Data
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FinCEN Permanently Ends Beneficial Ownership Reporting for U.S. Companies and Will Delete Previously Filed Data

On August 11, 2026, the Financial Crimes Enforcement Network (FinCEN) issued a final rule permanently eliminating the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) under the Corporate Transparency Act (CTA).
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Illinois Decouples from Federal QSBS Exclusion and Further Limits Corporate NOL Deductions
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Illinois Decouples from Federal QSBS Exclusion and Further Limits Corporate NOL Deductions

On June 16, 2026, Governor Pritzker signed Public Act 104-0468 into law. The Illinois Act makes two significant income tax changes: it decouples Illinois from the federal qualified small business stock (“QSBS”) gain exclusion under Code Section 1202 and further restricts the use of corporate net operating loss (“NOL”) carryover deductions.
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2026 Construction Forecast: The Only Thing Certain is Uncertainty
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2026 Construction Forecast: The Only Thing Certain is Uncertainty

As 2026 dawns, it is natural to consider the outlook for construction in the coming year.
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Publications

News
Events
Litigation over restrictive covenant agreements, including non-competes, is on the rise. Because such agreements are viewed as restraints on trade, theyare generally disfavored by Illinois courts. In a recent decision, an Illinois appellate court followed suit, striking down as overbroad and unreasonablethe non-compete, non-solicit and confidentiality provisions in an employment agreement.
David Michael
Managing Partner
Chair, Human Resources and Employment Law Practice
Human Resources and Employment
Litigation
Richard Reizen
Partner
Chair, Construction Practice
Ellen Chapelle
Partner
Chair, Insurance Counseling and Recovery
Eric Sparks
Partner
Vanessa Tiradentes
Partner
Litigation
Corporate
Jessica Lingertat
Managing Partner
Real Estate
David Michael
Managing Partner
Chair, Human Resources and Employment Law Practice
Richard Reizen
Partner
Chair, Construction Practice
Ellen Chapelle
Partner
Chair, Insurance Counseling and Recovery
Eric Sparks
Partner
Because of changes to the law enacted last year, all existing Exemption Certificates for Enterprise Zones, High-Impact Businesses and River Edge Redevelopment Zones expire June 30, 2013, even if the certificate itself identifies a later expiration date.
Richard Reizen
Partner
Chair, Construction Practice
Ellen Chapelle
Partner
Chair, Insurance Counseling and Recovery
Eric Sparks
Partner