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Earlier this month, the Governor’s Office of Management and Budget released a five-year projection that shows the state spending $63 billion by 2030, creating an annual $5 billion deficit. In ...
Illinois Gov. J.B. Pritzker pitched a $52.7 billion state spending plan Wednesday with more money to address the migrant crisis, education and quantum computing, while proposing tax increases that ...
The proposal includes a $68.5 million property tax increase as well as a $165 million hike in fees and services. ... Uncertain budget vote Chicago Mayor Brandon Johnson has postponed the city ...
Chicago budget update Chicago Mayor Brandon Johnson has eliminated property-tax increases from his latest budget proposal for 2025, but at least 15 members of the city council remain opposed to ...
In the table, the fiscal years column lists all of the fiscal years the budget covers and the budget and budget per capita columns show the total for all those years. Note that a fiscal year is named for the calendar year in which it ends, so "2022-23" means two fiscal years: the one ending in calendar year 2022 and the one ending in calendar ...
The Illinois Budget Impasse was a 793-day-long (2 years and 62 days) budget crisis in the state of Illinois. From July 1, 2015, to August 31, 2017, Illinois was without a complete state budget for fiscal years 2016, 2017, and part of 2018. As a result, many state agencies had to cut services or continue borrowing to operate.
The new tax rates proposed by the state legislature in SB 687 included an increase in corporate income taxes from 7% to 7.99%. SB 687 would have also changed the state's property tax credit, which is a credit that some residents paying property taxes can claim to reduce their income taxes, from 5% to 6%.
Working on the holiday weekend, the Illinois Senate approved of a $53.1 billion budget late Sunday night. Here's what you need to know.