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State of the State: Pritzker unveils $800M in tax increases
Illinois Gov. J.B. Pritzker delivered his sixth State of the State and Budget address Wednesday, unveiling $800 million in tax increases.
SPRINGFIELD, Ill. - Illinois Gov. J.B. Pritzker delivered his sixth State of the State and Budget address Wednesday, unveiling $800 million in tax increases.
The hikes would largely fall on businesses from large corporations to state-regulated sportsbooks.
As for his pending priorities, the Democrat is focused on social services, healthcare and early education, proposing $350 million towards the state’s school funding formula.
Pritzker's budget also creates a $12 million child tax credit for lower-income families with children under the age of three for a credit of about 20 percent of the taxpayer's state-earned income.
"And even though inflation continues to cool off, folks are still feeling the squeeze every week at the grocery store," said Pritzker. "So, there’s one more thing we ought to do. For the good of our state’s working families, let’s permanently eliminate the grocery tax!"
The biggest fight the governor is likely to face in passing his budget is the nearly $182 million allocated to fund the newly arriving migrants and another $629 million for the health care costs for the undocumented.
The new fiscal year begins July 1.