Normal, IL, USA / www.cities929.com
May 18, 2021 | 12:42 PM
(The Center Square) – As lawmakers continue to hash out budget details for how to spend Illinois taxpayers’ money, one tax credit in the governor’s crosshairs has private school advocates fighting to keep it alive.
Gov. J.B. Pritzker said this week his proposal to limit the Invest In Kids tax credit program is less expensive for the state’s taxpayers.
“I don’t want scholarships to go away at all,” Pritzker said Monday. “What we’re trying to do, two things, one is we introduced a budget that is balanced in a pandemic, and one of the changes that we proposed making is to rely on federal tax benefits and tax deductions rather than state tax credits.”
Comptroller Susana Mendoza in conversation with Derek Cantù
Despite the reduced bill backlog, Illinois still needs to pay back more than $3 billion the state borrowed from the Federal Reserve last year. Additionally, lawmakers tasked with negotiating the fiscal year 2022 state budget say the state faces at least a $1.4 billion deficit.
Although the state will receive $7.5 billion in federal stimulus money under the American Rescue Plan, Mendoza is cautioning lawmakers to not be in a hurry to spend the whole sum. Instead, she’s urging them to set aside some of those ARP dollars for Illinois’ severely depleted rainy day fund.
SPRINGFIELD – Illinois budget officials said Thursday that revenues are flowing into state coffers at a faster pace than previously estimated, meaning lawmakers will have more money to work with as they try to finalize a new budget for the fiscal year that begins July 1.
The Governor’s Office of Management and Budget officially raised its revenue estimate for the current fiscal year by more than $1.4 billion and by $842 million for the upcoming fiscal year.
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Those figures are similar to the latest revised estimates from the General Assembly’s budget monitoring agency, the Commission on Government Forecasting and Accountability, which said last week that revenues for the current year would go up about $2 billion while next year’s revenues would be $792 million more than previously forecasted.
SPRINGFIELD â Illinois budget officials said Thursday that revenues are flowing into state coffers at a faster pace than previously estimated, meaning lawmakers will have more money to work with as they try to finalize a new budget for the fiscal year that begins July 1.
The Governorâs Office of Management and Budget officially raised its revenue estimate for the current fiscal year by more than $1.4 billion and by $842 million for the upcoming fiscal year.
Those figures are similar to the latest revised estimates from the General Assemblyâs budget monitoring agency, the Commission on Government Forecasting and Accountability, which said last week that revenues for the current year would go up about $2 billion while next yearâs revenues would be $792 million more than previously forecasted.
SPRINGFIELDÂ â Illinois budget officials said Thursday that revenues are flowing into state coffers at a faster pace than previously estimated, meaning lawmakers will have more money to work with as they try to finalize a new budget for the fiscal year that begins July 1.
The Governorâs Office of Management and Budget officially raised its revenue estimate for the current fiscal year by more than $1.4 billion and by $842 million for the upcoming fiscal year.
Those figures are similar to the latest revised estimates from the General Assemblyâs budget monitoring agency, the Commission on Government Forecasting and Accountability, which said last week that revenues for the current year would go up about $2 billion while next yearâs revenues would be $792 million more than previously forecasted.