Session Slog Ends in $56B Budget, New Taxes on Social Media Companies, Crypto, Fantasy Sports
The plan adds taxes on digital services and social media while giving state lawmakers a 3.2% pay raise, officials said.
- Early Monday, the Illinois General Assembly passed a record $55.9 billion budget following an overtime session, which now heads to Governor J.B. Pritzker for his signature before taking effect July 1.
- To balance the record spending, the budget introduces new taxes on digital advertising, social media platforms, and fantasy sports, while raising the retail tire tax from $2 to $2.50.
- State Sen. Elgie Sims, D-Chicago, noted the budget allocates $70 million for the FRESH program to assist families facing federal SNAP cuts, while local government funding was restored to 6.47%.
- Budget leaders expect legal challenges to the new levies, while the legislation freezes the motor fuel tax at 48.3 cents per gallon for six months; State Rep. Brad Halbrook, R-Shelbyville, called the deal a "failed playbook."
- Despite retaining $143 million for immigrant health care, state Rep. Curtis Tarver, D-Chicago, said the revenue package lacks property tax relief as the budget surpasses the $55.2 billion record set last year.
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Statement from Comptroller Susana Mendoza on the End of Spring Legislative Session
SPRINGFIELD – I am pleased to see the state legislature conclude their work on time to pass a state budget for the new fiscal year beginning July 1.The Fiscal Year 2027 budget provides for a spending plan of $55.9 billion. It maintains stable funding for state government services and funds key state priorities for needs like K-12 education, MAP grants for college students, social and human services, nursing homes, public safety and Safety Net Ho…
Session ends with $56 billion state budget, new taxes on social media companies, crypto, fantasy sports
Illinois lawmakers approved the state budget early Monday morning after slogging through the night, enacting new taxes on businesses and authorizing less spending than what Gov. JB Pritzker proposed in February.
Session slog ends in $56B budget, new taxes on social media companies, crypto, fantasy sports
Illinois lawmakers passed a $55.9 billion budget early Monday morning, which included new taxes on businesses and social media companies, as well as a freeze on the 1.3-cent gas tax increase, a sales tax holiday on school supplies, and a one-time $400 payment for people who have lost or seen their SNAP benefits reduced.
Session slog ends in $56B budget, new taxes on social media companies, crypto, fantasy sports - IPM Newsroom
Illinois Newsroom - Gas tax increase suspended while new taxes on businesses plug revenue hole The post Session slog ends in $56B budget, new taxes on social media companies, crypto, fantasy sports appeared first on IPM Newsroom.
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