Governor Pat Quinn signed House Bill 1698 into law Tuesday, which is said to save Illinois businesses $500-$750 million while continuing coverage for injured workers.
"We brought everyone to the table to make sure that these reforms were robust, and created a system in which everyone--workers, businesses, and the state of Illinois--are treated fairly," said Quinn.
He also stated the overhaul is expected to positively impact the business atmosphere in the state.
Many Illinois establishments are praising the legislation, stating the measures encourage competition and productivity.
"These reforms demonstrate that Governor Quinn and our state leaders are paying attention to the needs of businesses and that they are serious about growing our economy," said Dan Ustian, chairman and CEO of Navistar, Inc.
However, other businesses feel the legislation does not go far enough, or is flawed altogether.
"The law's one-sided approach of price controls does nothing to reform Illinois' onerous rules, late payments and inefficient bureaucracy," said Wayne V. Polek, M.D., President of the Illinois State Medical Society. "[The] new workers' compensation reform law will hurt injured workers, by compromising their timely access to medical care."
Governor Pat Quinn appeared in Melrose Park, Rockford, Champaign, and Marion Tuesday to highlight the signing of the reform.