Illinois

Pritzker Signs Illinois Balanced Budget, Fair Tax Rates

Governor JB Pritzker signed the state budget and legislation that could lead to a graduated income tax in Illinois.

On Wednesday, Gov. JB Pritzker placed Illinois on firmer fiscal footing by signing a bipartisan, balanced budget for $40.1 billion that will generate $150 million in surplus, targeted to pay down a portion of the state’s remaining bill backlog.

The budget will go into effect on July 1st, the beginning of the state’s 2020 fiscal year.

Pritzker also advances fair tax efforts by signing SB 687 which would go into effect when voters approve a constitutional amendment to Illinois’ budget in November 2020.

“A new era of fiscal stability has arrived in Illinois,” said Gov. JB Pritzker. “This budget balances our obligations while making consequential investments for working families, for our communities, and for our future. And we are on the verge of finally creating a fair income tax in Illinois that puts the burden of fixing our finances on people like me, who can most afford it, not the 97 percent of Illinoisans earning less than $250,000.”

Read here for the budget highlights

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