Illinois Republicans Reveal Finances Revenue | Illinois
(The Center Square) – Just days before the end of the Illinois general assembly spring session, a budget has yet to be tabled and will be available to the public.
Democrats say the current budget hole is around $ 1.3 billion, but Republicans painted a different picture at a news conference Thursday. The GOP caucus set out the state’s unexpected revenues totaling $ 16 billion.
“And yet they look each of you in the eye every day, every day they look at the people of Illinois and the men and women we represent in our district and say, ‘We don’t have enough money.’ Really? ”Said Senator Chapin Rose, R-Mahomet.
They estimate an additional 7.2 billion US dollars for base sales in FY 2021 and an additional 792 million US dollars for base sales in FY 2022. This is on top of the $ 8.1 billion provided by the federal government.
Recent federal guidelines on how states can spend stimulus money prohibit debt repayment, with the exception of spending related to COVID-19. Governor JB Pritzker said he plans to use federal funds to repay $ 2 billion in loans from a federal fund during the pandemic, but that has been foiled by the federal government.
Illinois was the only state to have tapped into the Fed’s program, and state officials are due to press Washington for permission to repay the federal funds to the central bank. In the meantime, Pritzker and the legislature are considering how to use the remaining money.
Pritzker said last week that the budget was still in the negotiation phase.
“Let me get that straight,” said Senator Jil Tracy, R-Quincy. “Any tax increase in the context of this year’s budget must be off the table.”
Numerous Republican lawmakers say Pritzker should ditch his proposed tax changes or “corporate loopholes” amid a pandemic economy, especially when revenues are rising on higher-than-expected earnings. They also oppose capping a discount on retailers who collect state sales taxes, which can be a tough sell for Democrats, especially since small businesses have suffered from the pandemic and governor’s COVID-19 restrictions.
A request for comment from the Illinois Democratic Party was not answered.
Over time, lawmakers will consider whether any of Pritzker’s proposals can provide stable revenue to address some of Illinois’ long-term budget problems.