The plan -- dubbed "Illinois Jobs Now!" -- is an effort to repair the state's crumbling infrastructure and create thousands of jobs.
"This is a crucial economic recovery initiative that will generate what’s needed most in Illinois: jobs, jobs, jobs," said Governor Quinn.
Last week, Quinn said jobs were the "best social program ever devised."
He projects the money will support 439,000 jobs over the next six years, though projections weren't immediately available on how many new jobs he expects the bill to create.
Union and labor leaders also applauded the bill because it has been 10 years since the state last had a major capital construction program.
Gambling opponents, however, were disappointed the construction plan relies heavily on a gambling expansion to pay for it.
Senate President John Cullerton calls the bill a bipartisan job creation.
A complete list of projects that should be funded by the bill, as well as the communities impacted, can be found online at JobsNow.illinois.gov.