On March 26, 2014, Governor Pat Quinn presented an FY2015 budget proposal for the State of Illinois that avoids a fiscal cliff by retaining temporary income tax increases that were scheduled to be phased out beginning in January 2015. The Governor’s recommended budget also significantly increases the property tax credit for homeowners on State income taxes. In order to balance the budget and pay down a portion of the State’s backlog of unpaid bills in FY2015, Governor Quinn’s proposal requires…
This article discusses Governor Quinn’s FY2015 budget recommendation, which calls for making Illinois’ temporary income tax rate increases permanent to help finance education and pay down unpaid bills. It cites the Civic Federation’s State of Illinois FY2015 Budget Roadmap, which found the State would face a $3.9 billion revenue drop by FY2016 if the income tax rates partially roll back as scheduled on January 1, 2015.
This article follows Governor Quinn’s FY2015 Budget Address and plan to make Illinois’ temporary income tax increase permanent to generate more State revenue. It cites the Civic Federation’s State of Illinois FY2015 Budget Roadmap, which recommended extending the current tax rate for one year before gradually reducing the rate by 20%.
This article covers Governor Quinn’s March 26 announcement of his plan to make Illinois’ temporary income tax increase permanent. The Civic Federation said the tax increase alone won’t signal to credit rating agencies that the State knows what to do to avoid another fiscal crisis. In its State of Illinois FY2015 Budget Roadmap the Civic Federation recommended that Illinois publish a long-term financial plan that is updated annually.
This article previews the budgetary challenges Governor Quinn is facing in advance of his March 26 fiscal year 2015 budget address. It cites the Civic Federation’s State of Illinois FY2015 Budget Roadmap, which recommends extending the current income tax rates for one year before gradually rolling back the individual and corporate rates by 20% to avoid a steep revenue cliff.
This op-ed by State Senator Heather Steans opposes the scheduled January 1, 2015 partial rollback of the State’s income tax rate because it would create a steep revenue cliff and threaten human services. Sen. Steans cites the Civic Federation’s State of Illinois FY2015 Budget Roadmap, which recommends extending the current income tax rates for one year before gradually rolling back the individual and corporate rates by 20%.
This editorial reviews positions of the four Illinois Primary GOP candidates for Governor on three subjects: leadership, revenue and business. Regarding the pending expiration of the temporary income tax increase, the editorial cited the Civic Federation’s State of Illinois FY2015 Budget Roadmap which recommends extending the income tax for one year before gradually rolling it back by 20%, to avoid a steep revenue cliff.
Next week Governor Pat Quinn will give his sixth budget address since taking office in 2009. The budget is expected to be one of the most difficult of his tenure considering that the State is currently expected to have approximately $5.4 billion in unpaid bills at the end of FY2014 and will see a loss of $1.6 billion in General Funds revenues in FY2015, due to the reduced income tax rates that take effect on January 1, 2015 under current law. After requesting a delay in the release of his…
Unlike the federal government, the State of Illinois exempts all retirement income from the individual income tax. Of the 41 states that impose an income tax, Illinois is one of only three that exempt all pension income and one of 27 that exclude all federally taxed Social Security income, according to a report from the Chicago Metropolitan Agency for Planning. The Illinois Comptroller estimates that this exemption of federally taxable retirement income reduced the State’s individual income…
This article looks at findings of the Civic Federation’s State of Illinois FY2015 Budget Roadmap released by the Institute for Illinois’ Fiscal Sustainability on March 3. The State’s General Funds revenues are projected to decline by $3.9 billion between FY2014 and FY2016 due to the scheduled partial rollback of the income tax increase. The Federation’s report presents a plan to avoid the pending revenue cliff by gradually rolling back tax rates.
