Governor Pritzker to sign $46.5 billion budget with tax relief after Illinois lawmakers approve – NBC Chicago

NOTE: NBC Chicago will provide live coverage of the signing beginning at 10:00 a.m. CT. Watch live in the player above.

Gov. JB Pritzker is expected to sign a $46.5 billion budget Tuesday morning that includes $1.8 billion in election-year tax relief and a $1 billion deposit into the state fund for on rainy days.

Illinois lawmakers approved the budget earlier this month. The Illinois Senate approved the budget plan by 34 votes to 19, while the House gave its approval by 72 votes to 42.

The budget builds on a robust post-pandemic economy and health tax revenues to include $1.8 billion in mostly temporary tax cuts that closely follow Governor JB’s election year proposal. Pritzker last winter.

The plan includes direct payment to Illinois residents earning less than $200,000 per year or $400,000 per year for couples filing jointly. Each taxpayer would receive $50, plus $100 for each dependent child, capped at three.

It also includes Democratic legislative leaders’ response to soaring prices with temporary tax relief on gas, groceries and housing levies, and also includes a permanent expansion of a tax credit for income tax payers. low and medium.

The budget also includes more than $200 million for new public safety initiatives that address Republican criticism that Democrats weren’t doing enough to tackle rising crime.

The budget plan, which also invests $1 billion in a “rainy day” state fund, now awaits Pritzker’s signature. It would go into effect on July 1, the start of the state’s fiscal year.

NBC Chicago

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