IL Democrats agree on balanced budget

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SPRINGFIELD, Ill. (WMBD) — Democrats in Illinois are in agreement with Gov. JB Pritzker’s balanced budget.

“Our plan delivers more than $1.8 billion in tax relief to Illinois residents, adds $1 billion to our state’s long-depleted Rainy-Day Fund, and doubles down on our efforts to make unprecedented investments in public safety," Pritzker said. "Once again, Democrats are demonstrating that ours is the party of fiscal responsibility — and there’s nothing more responsible than putting working families first. I look forward to passing our third consecutive balanced budget through the legislature, signing it into law, and delivering real relief to working families across Illinois.”

After a strong economic performance in the first quarter of this calendar year, revenue projections have been revised upward from the Governor’s proposed budget by approximately $2 billion over FY22 and FY23, according to a press release.

A detailed list of the balanced budget Pritzker is proposing is outlined below:

$1.83 BILLION IN TAX RELIEF FOR WORKING FAMILIES

  • Suspend the tax on groceries for one year – saving consumers $400 million
  • Freeze the motor fuel tax for six months – saving consumers $70 million
  • Double the property tax rebate – up to $300 per household
  • Permanently expand the earned income tax credit – putting $100 million per year back into the pockets of working families who need it most
  • Provide direct checks to working families
    • $50 per individual
    • $100 per child, up to three children per family
      • Income limits: $200,000 for individuals and $400,000 for joint filers
  • Back to school tax relief for families and teachers – saving $50 million

Total relief for working families: $1.83 billion

$1.2 BILLION FOR LONG-TERM FISCAL STABILITY

Builds on $4.1 Billion in Debt Paydown in SB2803

  • $1 billion for Budget Stabilization Fund
  • An additional $200 million pension payment, bringing the total pension payment over what is required to $500 million dollars and saving taxpayers more than $1.8 billion.
    • These measures arein addition to the debt payment outlined in SB2803, which included $230 million for College Illinois and $898 million for Group Health Insurance bill backlog.

PUBLIC SAFETY INVESTMENTS

Invests more than $200 million on top of the Governor’s proposed budget to support public safety measures, invest in the tools law enforcement needs to prevent and solve crimes and strengthen investments in violence prevent programs that keep communities safe. 

The budget could be passed as soon as Friday.

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April 7, 2022 at 05:08PM

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