Trending Now - Illinois Approves Historic $55.9 Billion Budget With Tax Hikes
WHO:
Illinois Policy - Illinois General Assembly, Gov. J.B. Pritzker, lawmakers, Elgie Sims (D-Chicago), Sen. Chapin Rose (R-Mahomet).
WHAT:
Illinois Policy - The budget package includes a new Targeted Advertising Services Tax, projected to generate between $200 million to more than $800 million, starting Jan. 1, 2027.
Illinois Policy - The budget includes a new fee for social media companies, expected to generate $200 million, with rates ranging from $0.10 to $0.50 per user per month.
Illinois Policy - The budget will impose a new 15% tax on fantasy contest operators, expected to generate $5 million in fiscal 2027.
Illinois Policy - The budget includes a provision to decouple from the federal Qualified Small Business Stock Exclusion, expected to cost taxpayers more than $60 million.
Illinois Policy - The budget will sweep $150 million from the Road Fund to the General Revenue Fund, which is typically earmarked for transportation-related spending.
Illinois Policy - The budget includes a new Families Receiving Emergency Support for Hunger (FRESH) Program, providing a one-time $400 payment to individuals who lost SNAP benefits, estimated to cost $60 million.
Illinois Policy - Illinois lawmakers approved a record $55.9 billion budget for fiscal 2027.
Illinois Policy - The budget includes over $800 million in new taxes and $185 million in fund sweeps.
Capitol News Illinois - The budget includes a sales tax holiday on school supplies and freezes a scheduled 1.3 cent increase to the gas tax.
Illinois Policy - The budget will begin $700 million higher than the fiscal 2026 budget.
Illinois Policy - The budget includes a new fee for social media companies projected to generate $200 million.
Illinois Policy - A new tax on digital assets will begin on Jan. 1, 2027, with a rate of 0.2% of the asset's value.
Illinois Policy - The budget includes a new 15% tax on fantasy contest operators expected to generate $5 million.
Illinois Policy - Lawmakers will receive a raise of more than $3,100, increasing their salaries to over $100,000.
Capitol News Illinois - The budget includes a one-time $400 payment for individuals who lost SNAP benefits under the new Families Receiving Emergency Support for Hunger (FRESH) Program.
WHERE:
Illinois Policy - The budget was approved in Springfield, Illinois.
WHEN:
Illinois Policy - The budget was passed at 4:13 a.m. on June 1.
Illinois Policy - The new tax on digital assets will take effect on Jan. 1, 2027.
Illinois Policy - The digital ad tax will begin on Jan. 1, 2027.
WHY:
Illinois Policy - The budget aims to cover rising costs of education, state pensions, and health benefits for government workers.
Capitol News Illinois - Lawmakers stated that the budget will not cut local government funding and will fully fund pensions and K-12 education.
HOW:
Illinois Policy - The budget relies on numerous fund sweeps, including transferring $70 million from the BRIDGE program to the Fund for Illinois’ Future for infrastructure projects.
Illinois Policy - The budget was financed through tax increases and fund sweeps.
Illinois Policy - The budget includes provisions for capping net-operating-loss deductions, which will raise corporate income taxes by $300 million.
(UPDATED June 1, 2026 18:55 UTC)
Illinois has unveiled a new budget package that introduces a Targeted Advertising Services Tax, projected to generate between $200 million and more than $800 million starting January 1, 2027. The budget also includes a fee for social media companies expected to bring in $200 million, alongside a new 15% tax on fantasy contest operators anticipated to generate $5 million in fiscal 2027. Additionally, the budget will sweep $150 million from the Road Fund to the General Revenue Fund and implement a Families Receiving Emergency Support for Hunger Program, which will provide a one-time $400 payment to individuals who lost SNAP benefits, costing an estimated $60 million.
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(UPDATED June 1, 2026 14:57 UTC)
Illinois lawmakers have approved a record budget of $55.9 billion for fiscal 2027, which was passed in Springfield. This budget includes over $800 million in new taxes, a sales tax holiday on school supplies, and a one-time $400 payment for individuals who lost SNAP benefits, while also ensuring full funding for pensions and K-12 education. Starting January 1, 2027, a new tax on digital assets will be implemented, alongside a 15% tax on fantasy contest operators, with lawmakers also set to receive a salary increase of more than $3,100.