$1.6 Billion Drop In Illinois Revenue Predicted Next Year

By: AP
By: AP

SPRINGFIELD, Ill. (AP) -- Illinois is expected to see a $1.58 billion drop in revenue if the state's income tax increase rolls back as planned.

Officials from the Commission on Government Forecasting and Accountability told lawmakers Tuesday the preliminary revenue forecast for the next fiscal year will be $34.4 billion. That's down from $36 billion this year.

The drop in revenue reflects an expected decrease in the state's income tax. The temporary hike is scheduled to drop from its current 5 percent to 3.75 percent next January. Some Democrats want the tax increase extended but many Republicans oppose it.

Gov. Pat Quinn plans to give his budget address in March. The event serves as the official opening of negotiations on the state budget, which lawmakers are tasked with passing before adjourning for the year.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
23 WIFR 2523 North Meridian Road Rockford, IL. 61101 Business: 815-987-5300 Fax: 815-965-0981 News: 815-987-5330 Fax: 815-987-5333
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 243530841 - wifr.com/a?a=243530841