Illinois House Passes Budget
The Illinois House on Sunday passed SB6 and SB9, the revenue components of their budget. These bills call for an increase in revenue of $4.76 billion to balance the $36 billion in spending approved last week. Personal income taxes will rise from 3.75% to 4.95%, while corporate taxes will rise to 7%. Spending will be cut across the board by 5% (10% for higher education). To balance the budget with spending cuts alone would have required an additional 13.2% across-the-board cut.
The Senate is due to take up the House bills today. The Governor has said he will veto the budget as it currently stands.