Replaces everything after the enacting clause. Amends the Illinois Municipal Code. Provides that specified municipalities may give preference to a qualified and responsive local business in the solicitation of bids for supplies, materials, and equipment or a contract for any work or public improvement. Includes requirements if a municipalities choses to give preferences under the Section. Excludes certain types of contracts and purchases from the provisions, and provides that application of the local business preference to a particular purchase, contract, or category of contracts may be waived at the discretion of a municipality's city council. Provides that the local preference established under the Section shall not be construed to inhibit, limit, or restrict the right or obligation of a municipality to compare and review the quality of materials proposed for purchase, and to compare and review the qualifications, character, responsibility, and fitness of all persons, firms, or corporations submitting bids or proposals. Provides that the specified municipalities shall adopt an ordinance, or modify existing ordinances or resolutions, that allows each municipality to give preference to a qualified and responsive local business in the manner permitted by the Section no later than January 1, 2022. Defines terms. Limits home rule powers. Effective immediately.