Illinois House to take up likely $5 billion income tax bill
SPRINGFIELD, Ill. (AP) – The Illinois House plans a vote Sunday on what would likely be an increase in the personal income tax rate of 32 percent as the search continues for a budget settlement.
The state entered its third straight fiscal year Saturday without a budget plan. It’s the longest of any state since the Great Depression and comes with a $6.2 billion deficit and $14.7 billion in past-due bills.
Chicago Democratic House Speaker Michael Madigan announced Saturday there would be a vote on a revenue package “modeled on the bill supported by the governor.”
He didn’t specify the legislation. But it likely a measure that was earlier negotiated in the Senate that includes an increase in the personal income tax rate from 3.75 percent to 4.95 percent. It would raise about $5 billion.
The current revenue bill is SB9 .