Illinois General Assembly Adjourned – Adopted $46.4 Billion Budget

Date: April 25, 2022

The Illinois General Assembly adjourned in the early morning hours of Saturday, April 9, and adopted a $46.4 Billion FY23 budget for next fiscal year. This was based on projected revenue of $46.5 Billion. The revenue projection is $2.6 billion less than actual revenues this year, but 5.4 percent over last year’s projected revenue. 

The General Assembly focused a great deal of the increased spending ($3.0 Billion) on debt payments, pension payments, and temporary (six-month or 1-year) tax relief. This is rightfully being called “an election year budget”. 

This budget includes $1.0 Billion in “savings” into a Budget Stabilization Fund (Rainy Day Fund). It includes an extra $500 million in state pension contributions, over and above the fully-funded, annual contribution, and resulting in an estimated $2 billion in future savings. In addition, this budget includes $1.8 billion in temporary, short-term, tax relief. 

The $1.8 Billion in temporary tax relief, includes:

  • Suspends the 1 percent sales tax on groceries for one year – saving consumers $400 million
    • Freezes the 2.2-cent motor fuel tax increase for six months
    • Doubles the property tax rebate – up to $300 per household
    • Permanently expands the earned income tax credit – an additional $100 million for working families
    • Provides direct checks (up to $200) to working families
          -$50 per individual
          -$100 per child, up to three children per family
                    —Income limits: $200,000 for individuals and $400,000 for joint filers
    • Back to school tax relief for families and teachers –  $50 million

Related Content: Small Business News | Illinois

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