Illinois residents could soon be in for some big changes -- particularly in their wallets -- as state lawmakers are expected to cast a pivotal vote on the…
Over the weekend, the budget, largely resembling the one proposed by Pritzker earlier this year, passed the Illinois Senate. It is now left to the House to voteIllinois residents could soon be in for some big changes -- particularly in their wallets -- as state lawmakers are expected to cast a pivotal vote on the Fiscal Year 2025 budget proposed by Gov. J.B. Pritzker.
“If it reduces inflation for families from 4% to 3%, even if it only puts a few hundred bucks back in families’ pockets, it’s the right thing to do,” he said. Since that increase is less than what was originally called for due to inflation, the action would result in deposits of an estimated $93 million into the state’s general fund, according to the budget.
State Republicans have blasted the move, arguing that it unfairly targets low and middle-income residents.“If the legislature does not go along with this, people will get a greater tax savings with the current existing law than what the governor has proposed.”Also included in the Senate-passed budget is increased funding for the child tax credit, which will be paid for in part via an increase in taxes on sportsbook gambling.
The change would mean Illinois families with children under the age of 12 could be offered an average of $300 to $600 in credits.
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