Capitol Fax.com - Your Illinois News Radar » More budget details (Updated)
SUBSCRIBE to Capitol Fax      Advertise Here      About     Exclusive Subscriber Content     Updated Posts    Contact Rich Miller
CapitolFax.com
To subscribe to Capitol Fax, click here.
More budget details (Updated)

Wednesday, Feb 21, 2024 - Posted by Rich Miller

* More info here and here. The governor’s budget office briefed reporters this morning on this year’s proposal and a couple of stories have popped up since then. I tipped subscribers yesterday about this corporate net operating loss deductions thing mentioned by the Tribune

Facing a tighter budget outlook, Democratic Gov. J.B. Pritzker on Wednesday unveiled a $52.7 billion election-year spending plan built on more than $800 million in tax increases that would largely fall on businesses, from large corporations to state-regulated sportsbooks. […]

The governor also proposes extending a cap on losses large corporations can write off on their state income taxes, which he estimates will generate another $526 million in annual revenue. The current annual cap of $100,000 is set to expire Dec. 31, but Pritzker proposes raising the limit to $500,000 and allowing it to continue.

Pritzker also is proposing a permanent repeal of the 1% sales tax on groceries, which he and the Democratic-controlled legislature previously suspended for one year in 2022, when the governor was running for reelection.

Lastly, Pritzker is dusting off a previous unsuccessful plan to limit the tax discount retailers receive for collecting sales tax, which his office estimates would generate another $101 million annually.

That tax discount thing has been tried for years, but IRMA always beats it back.

* Here’s a Sun-Times excerpt

The plan also includes transferring mass transit costs from sales tax to the state’s Road Fund, to take in an additional $175 million.

Pritzker’s budget team is also aiming to hasten the state’s pension funding ramp with an eye toward landing another credit upgrade from Wall Street ratings agencies.

Since 1994, the state has been on a slog toward filling the gap in the grossly underfunded system to 90% by 2045. Pritzker’s team is adjusting that goal to reach 100% funding by 2048 — closer to pension goals set by many other states.

The governor’s team says they can make that happen in part with savings from paying off two other major bonds issued by the state over the next decade. Pritzker will need legislative approval for the pension proposal.

Pritzker also wants to more than double the state tax on sports betting revenue collected by casino sportsbooks from 15% to 35%, a proposal that’s sure to draw pushback from a rapidly expanding industry that raked in more than $1 billion in 2023. The governor’s team predicts such a hike could pump an additional $200 million into state coffers.

…Adding… Hmm

Compare that to the five-year forecast from November.

* From the governor…


More on that here. And this is from the speech

Illinois will become the first state in the nation to ban prior authorization for in-patient adult and children’s mental health care. That means patients suffering a mental health crisis can get the care they need without jumping through hoops designed to deny coverage. And we are going to make sure that insurance plans publicly post all treatments that require prior authorization, so consumers can compare plans when they are shopping for coverage.

* Also from the speech

Today, nearly every call to the [DCFS] abuse and neglect hotline is answered immediately. That’s up from only 50% back in 2019. Of the more than 94,525 investigations conducted last year by DCFS, 99.7% were initiated within 24 hours. And within seven days, 96% of children have been seen by an investigator. With an additional $14 million in funding in FY25, DCFS will reach a headcount of 4,000 staff for the first time in more than two decades.

* This is a fraction of what’s been requested

My budget also proposes investing $12 million to create a Child Tax Credit for families raising our youngest children. By targeting this investment at low and middle-income families with children under 3, we can put money back in the pockets of our newest parents who need it most and make those early years just a little bit easier.

* Homelessness

And we know that Black individuals and families make up 61% of the unhoused while making up only 14% of the overall population. So, this year, we created a racial equity roundtable on Black homelessness—the only effort of this kind in the entire nation. To advance that work, I am proposing an additional $50 million to attack the root causes of housing insecurity for Black Illinoisans, while continuing to serve other at-risk populations like veterans and those who are medically vulnerable with the shelter and wraparound services they need.

* And this

Now, I expect that some of you will want to spend more, and some of you will claim you want to spend less. Know this: I am always open to good ideas that members of both parties have to more efficiently and effectively fulfill our obligations. 
 
My one line in the sand is that I will only sign a budget that is responsibly balanced and that does not diminish or derail the improving credit standing we have achieved for the last five years. 

       

4 Comments
  1. - George Ryan Reynolds - Wednesday, Feb 21, 24 @ 1:18 pm:

    The insurance bit was good stuff politically. Everyone, regardless of party, has a horror story about insurance companies denying coverage to them or a family member. Insurance companies an easy target.


  2. - thisjustinagain - Wednesday, Feb 21, 24 @ 1:41 pm:

    So the 90% of pension funding by 2045 isn’t possible, but by 2048 they’ll fund 100%?? Looks like the can gets kicked down the road yet again, under the cover of budgetary assumptions of paid-off bond issues.


  3. - MG85 - Wednesday, Feb 21, 24 @ 1:59 pm:

    Prior authos are a bane in everyone’s existence who cannot afford healthcare out of pocket. That means 99.9% of Illinoisians. To eliminate this private-sector bureaucratic nightmare is the stuff presidential candidates are made of.


  4. - south loop baseball team - Wednesday, Feb 21, 24 @ 2:57 pm:

    why just forbid prior auth for in-patient mental health care? aren’t people who receive out-patient treatment entitled to the same benefit? isn’t it possible that allowing a patient to have the treatment ordered by his doctor could prevent these patients from hospital stays?


TrackBack URI

Sorry, comments for this post are now closed.


* Isabel’s afternoon roundup
* Showcasing the Retailers Who Make Illinois Work
* Caption contest!
* Rep. Croke changes selective enrollment closure moratorium bill to ban all Chicago public school closures until elected board is seated
* State tax credit for affordable housing development receives big push from labor, business, advocates
* Listen To Servers – Vote No On House Bill 5345
* Today's must-read CTA stories, especially if you're Gov. Pritzker (Updated)
* Illinois residents can now easily access electronic notary services
* It’s just a bill
* Open thread
* Isabel’s morning briefing
* SUBSCRIBERS ONLY - Supplement to today’s edition
* SUBSCRIBERS ONLY - Today's edition of Capitol Fax (use all CAPS in password)
* Live coverage
* Yesterday's stories

Support CapitolFax.com
Visit our advertisers...

...............

...............

...............

...............


Loading


Main Menu
Home
Illinois
YouTube
Pundit rankings
Obama
Subscriber Content
Durbin
Burris
Blagojevich Trial
Advertising
Updated Posts
Polls

Archives
April 2024
March 2024
February 2024
January 2024
December 2023
November 2023
October 2023
September 2023
August 2023
July 2023
June 2023
May 2023
April 2023
March 2023
February 2023
January 2023
December 2022
November 2022
October 2022
September 2022
August 2022
July 2022
June 2022
May 2022
April 2022
March 2022
February 2022
January 2022
December 2021
November 2021
October 2021
September 2021
August 2021
July 2021
June 2021
May 2021
April 2021
March 2021
February 2021
January 2021
December 2020
November 2020
October 2020
September 2020
August 2020
July 2020
June 2020
May 2020
April 2020
March 2020
February 2020
January 2020
December 2019
November 2019
October 2019
September 2019
August 2019
July 2019
June 2019
May 2019
April 2019
March 2019
February 2019
January 2019
December 2018
November 2018
October 2018
September 2018
August 2018
July 2018
June 2018
May 2018
April 2018
March 2018
February 2018
January 2018
December 2017
November 2017
October 2017
September 2017
August 2017
July 2017
June 2017
May 2017
April 2017
March 2017
February 2017
January 2017
December 2016
November 2016
October 2016
September 2016
August 2016
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016
December 2015
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010
February 2010
January 2010
December 2009
November 2009
October 2009
September 2009
August 2009
July 2009
June 2009
May 2009
April 2009
March 2009
February 2009
January 2009
December 2008
November 2008
October 2008
September 2008
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
June 2007
May 2007
April 2007
March 2007
February 2007
January 2007
December 2006
November 2006
October 2006
September 2006
August 2006
July 2006
June 2006
May 2006
April 2006
March 2006
February 2006
January 2006
December 2005
April 2005
March 2005
February 2005
January 2005
December 2004
November 2004
October 2004

Blog*Spot Archives
November 2005
October 2005
September 2005
August 2005
July 2005
June 2005
May 2005

Syndication

RSS Feed 2.0
Comments RSS 2.0




Hosted by MCS SUBSCRIBE to Capitol Fax Advertise Here Mobile Version Contact Rich Miller