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In an effort to save businesses nearly a billion dollars in unemployment taxes, lawmakers on Tuesday announced a bipartisan plan to use the state's budget surplus to pay down the remaining $1.4 billion in unemployment debt taken on during the COVID-19 pandemic.
Gov. J.B. Pritzker announced a bipartisan agreement to fill the financial hole in the state’s unemployment insurance trust fund, which once stood at $4.5 billion, that was depleted by the pandemic.
The plan aims to erase a $1.8 billion debt generated by the wrenching COVID-19 pandemic in the account that covers Illinois unemployment benefits.
$1.8 billion in state tax revenues would reduce employer burden by estimated $915 million
This new climate jobs stimulus will tip the scales and help us tackle the climate crisis while beginning to reverse 40 years of wage stagnation and widening racial inequality.