Legislative leaders expected that the House would adopt the plan which the Senate OK'd Sunday night. It’s $400 million more than Democratic Gov. J.B. Pritzker proposed in February and raises taxes and makes other tax code changes to generate $1.2 billion to fund it.
FILE - Illinois House Speaker Pro-tem Jehan Gordon-Booth, listens during the Illinois Paid Leave bill signing ceremony Monday, March 13, 2023, in Chicago. Gordon-Booth is the House sponsor of a $53.1 billion budget the House was expected to approve, but had to wait until after midnight Wednesday to approve because of constitutional requirements.SPRINGFIELD, Ill. — The Illinois House geared up Tuesday night to vote on a $53.
Republicans complained that Democrats, who control the Legislature, are spending beyond their means and not preparing for what many predict are lean years ahead. Deputy House Republican Leader Norine Hammond of Macomb said she found at least $1 billion in spending that would be pushed off to the following fiscal year.
It also pays the state’s full obligation to its woefully underfunded pension funds and chips in an additional $198 million to the so-called rainy day fund to for an economic downturn. The business tax hikes in particular pushed the General Assembly past its adjournment deadline as lobbyists scrambled to limit the impact. But the spending plan raises $526 million by extending a cap on tax-deductible business losses at $500,000. There’s also a cap of $1,000 per month on the amount retail stores may keep for their expenses in holding back state sale taxes. That would bring in about $101 million.
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