Gov. Pritzker Signs $46.5B Budget With Tax Relief After Illinois Lawmakers Approve
Published April 19, 2022 • Updated 5 hours ago
Gov. J.B. Pritzker signed a $46.5 billion budget Tuesday morning that includes $1.8 billion in election-year tax relief and a $1 billion deposit into the state's rainy day fund.
“The budget I’m signing into law today brings real improvements to the lives of working families and sets us up for a stronger fiscal future,” Pritzker said in a statement. “Investments in stronger schools, modernized airports and newly paved highways, hundreds of thousands of well-paying infrastructure jobs, and a better funded pension system… these are the kind of priorities we can invest in when our state is governed responsibly.”
The budget plan goes into effect on July 1, the start of the state’s fiscal year.
Illinois lawmakers approved the budget, which also puts $1 billion into a state “rainy day” fund, earlier this month. The Illinois Senate approved the budget plan on a 34-19 vote, while the House gave its approval on a 72-42 vote.
“We are continuing our practice of responsible budgeting while helping those who need help the most,” Illinois Senate President Don Harmon said in a statement. “Families are struggling, and I hope this budget provides them a bit of relief.”
The budget relies on a robust post-pandemic economy and health tax revenues to include $1.8 billion in mostly temporary tax cuts that track closely with Pritzker’s election year proposal last winter.
The plan includes a direct payment to Illinois residents making less than $200,000 per year or $400,000 per year for couples filing jointly. Each taxpayer would receive $50, plus $100 for each dependent child, capped at three.
It also includes Democratic legislative leaders’ response to soaring prices with temporary tax breaks on gas, groceries and real estate levies, and also includes a permanent expansion of a tax credit for low- and moderate-income taxpayers.
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https://www.nbcchicago.com/news/local/chicago-politics/gov-pritzker-to-sign-46-5b-budget-with-tax-relief-after-illinois-lawmakers-approve/2810221/
