Illinois Democrats have the ranks to pass a new state budget, but an inability to agree on spending figures means they blew past Friday’s self-imposed deadline.
There was no real urgency to passing a budget by May 19, despite the General Assembly months ago setting it as the adjournment deadline.
“When we came to Springfield in January, we made it clear that our top priority was a fiscally responsible budget that prioritized hardworking Illinoisans,” the statement reads. “That continues to be true. We are committed to passing a good, balanced budget for the people of Illinois.” Republicans signaled frustration with Democrats’ fickle treatment of Friday’s deadline, and questioned whether governance has really improved.
McCombie said priorities include initiatives shared by many Democrats, including extending a research and development tax credit, phasing out a franchise tax imposed on all Illinois corporations, reducing the estate tax and continuing the Invest in Kids tax credit given to those who donate to a state fund that helps low-income students attend private schools. The tax credit scholarship program will otherwise end.
“The steeper-than-expected drop in General Funds revenues necessitates that the Commission make a downward adjustment of $728 million to its forecast,” leaving COGFA to reduce the current fiscal year’s expected revenues to $51.2 billion.Pritzker’s administration said it purposefully has been cautious with its projections.
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