Illinois budget
Illinois business owners are bracing for a potential tax hit from Gov. J.B. Pritzker. The governor’s proposed budget extends the cap on business net operating losses, but increases the cap to $500,000. His office estimates the “revenue adjustment” will raise $526 million, the bulk of the nearly $900 million of tax increases in his $52.7…
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Gov. JB Pritzker has proposed a record-breaking $53 billion budget and is asking Illinoisans to pay an extra $1 billion in taxes in the coming year to cover the costs of a fiscal crisis of his own making — supporting the thousands of noncitizens he invited to Illinois. Since taking office, Pritzker has increased spending on noncitizen programs…
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SPRINGFIELD – Gov. JB Pritzker signed a package of bills Tuesday that make up a roughly $46 billion Fiscal Year 2023 state general revenue funds budget that includes increased funding for education and human services and $1.8 billion in mostly-temporary tax relief. Pritzker signed the bill during a ceremony at Chicago State University where he…
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SPRINGFIELD – Gov. JB Pritzker signed his final first-term budget into law Tuesday, a roughly $46 billion spending plan buoyed by pandemic-driven revenue windfalls and a current-year surplus that helped the state pay down debts and offer temporary tax relief. Between the three budget-related bills signed Tuesday – House Bill 900, House Bill 4700 and Senate Bill 157 – as…
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SPRINGFIELD – Illinois lawmakers worked until the early hours of Saturday to pass a $46.5 billion spending plan for the upcoming fiscal year, as well as a $1.8 billion package of mostly-temporary tax cuts that Democrats said are intended to soften the impact of inflation on working families. The final proposals surfaced around 9 p.m.…
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SPRINGFIELD – Democrats in the Illinois House unveiled their own tax cut proposals and outlined spending tied to recent public safety measures at a news conference Wednesday, just three days before the scheduled Friday adjournment of the 2022 regular session. Those provisions are part of a $45.6 billion spending plan for the upcoming fiscal year…
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