Pritzker to unveil state budget proposal, facing $3B deficit
SPRINGFIELD, Ill. – Illinois Gov. J.B. Pritzker is scheduled to unveil his first annual budget proposal amid an estimated $3.2 billion deficit.
The Democrat will address a joint session of the General Assembly on Wednesday with his plans for state spending in the fiscal year that begins July 1.
His administration this month estimated that without action, the state could be in a $3 billion hole in the spring of 2020.
Pritzker campaigned on a progressive income tax and legalizing recreational marijuana . But the graduated income tax would have to be voted on and that couldn’t happen until 2020.
Legalized marijuana could produce up to $1 billion in new tax revenue. But legislation has yet to be proposed and it’s unclear how soon cannabis could be sold if the law is approved.