IL taxpayers begin funding record-high budget with tax hikes July 1
[July 01, 2025]
By Jim Talamonti | The Center Square
(The Center Square) – Starting Tuesday, Illinois taxpayers will be
funding the largest budget in state history.
The $55.2 billion spending plan for fiscal year 2026 includes higher
taxes on telecommunications, tobacco products, sports wagering and
long-term rentals, along with corporate income tax rule changes which
are expected to bring in more tax revenue from businesses. The budget
legislation signed by Gov. J.B. Pritzker on June 16 also lowered tax
rebates on electric vehicle purchases.
Illinois House Speaker Emanuel “Chris” Welch, D-Hillside, thanked
members of his budget team and said they accomplished something “great.”
“Our House budgeteers along with Gov. Pritzker and our colleagues in the
Senate faced the challenges and uncertainty head-on, and the result is a
budget that is truly balanced with no gimmicks, both fiscally and
socially,” Welch said during Pritzker’s budget-signing ceremony.
State Sen. Elgie Sims, D-Chicago, filed Senate Bill 2510, which included
the budget’s record-high appropriations.
“This balanced, responsible budget is based on revenues of approximately
$55 billion, $298 million carried against $55 billion, $48 million in
spending,” Sims said.
Pritzker and Illinois Senate President Don Harmon, D-Oak Park, also
referred to balance and responsibility.
“We all wish we could do more, but this is a responsible, balanced
budget that continues our work to improve the lives of the great people
of the great state of Illinois,” Harmon said in a statement.
“The passage of the FY26 balanced budget is a testament to Illinois’
fiscal responsibility,” Pritzker stated.
State Sen. Chapin Rose, R-Mahomet, said state spending has increased
nearly 40% since Pritzker became governor.
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Illinois Gov. J.B. Pritzker holds up the fiscal year 2025 budget
Monday, June 16, 2025, in Chicago
Illinois.gov
“Has anybody at home, any of our constituents had a 40% pay raise in
the last six years? I’m guessing not. I’m pretty sure most of my
constituents haven’t had a 40% raise the last six years, but
government has. Government keeps feeding upon itself. It’s
insatiable. It just never ends,” Rose said during a speech on the
Senate floor May 31.
Rose noted that the budget “paused” property tax relief.
During budget debate on the House floor, state Rep. Martin
McLaughlin, R-Barrington Hills, said Democrats went after taxpayers’
wallets, purses and savings for reckless spending and political
cover.
“We are wrong. We’re wrong spending the way we are and we’re wrong
giving ourselves pay raises while our constituents can’t fill their
gas tanks, can’t afford college, can’t pay their bills or keep their
homes. And while some in this chamber cheer this embarrassment as a
win for the governor, I see it as a complete failure to lead,”
McLaughlin said.
The Illinois Freedom Caucus issued a statement Monday on the state
budget’s growth from $40.3 billion to $55 billion during Pritzker’s
tenure as governor.
“Even when confronted with a massive budget hole, Governor Pritzker
still signed into a law yet another record spending bill. The
combination of high taxes and the Governor’s far-left policies has
made Illinois a leader in the nation in outmigration,” the statement
read.
Greg Bishop contributed to this story. |
