Gov. J.B. Pritzker's recently approved $53.1 billion state budget is filled with new methods to try and bring in money.
Pritzker highlighted his sixth consecutive balanced budget, emphasizing a 1.6% increase over this year’s spending and a 32% rise since his first budget in 2019, all “while putting money back in the pockets of everyday Illinoisans.”
Sims also pointed out the budget’s tax breaks, including an increase in the income tax personal exemption to $2,775 for 2024 and the elimination of the 1% sales tax on groceries in 2026. Taxes on sportsbooks have transitioned from a flat 15% to a graduated scale with five different levels, ranging from 20% on adjusted gross revenue below $30 million to 40% on gross revenue exceeding $200 million.
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