Despite a significant increase in Illinois’ corporate income tax rate enacted in January 2011, much of the anticipated new State revenue will be offset by corporate tax incentives provided in recent changes to the federal tax code. Known…
The Civic Federation opposes Governor Pat Quinn’s $52.7 billion FY2012 recommended operating budget for the State of Illinois because it is unbalanced by approximately $2.4 billion and is based on the premise that long-term borrowing is…
(CHICAGO) A new report by the Institute for Illinois’ Fiscal Sustainability at the Civic Federation has found that Governor Quinn’s proposed budget is unbalanced by a total of $2.4 billion when artificially inflated revenues of $970.9…
Although the State of Illinois' FY2011 tax amnesty program brought in more than $700 million of delinquent tax payments owed by taxpayers and business, only $12 million of that revenue can be considered new funds. As previously discussed…
After three years of increasing budget deficits, the State of Illinois is expected to see a smaller budget gap at the end of FY2011 because of tax increases and expanded borrowing for operations. The FY2011 year-end deficit is currently…
The Illinois House of Representatives took a significant step in its annual budget negotiations this week when legislators unanimously passed a resolution limiting General Funds spending to $33.2 billion. The cap on spending is…
Governor Pat Quinn’s proposed FY2012 budget for the State of Illinois features additional borrowing and an overall increase in spending, despite steep spending reductions in the area of human services. The…
This news segment explores the effect that the proposed increase in State of Illinois income taxes may have on individuals and businesses. Civic Federation President Laurence Msall says the State’s plans will not make a dent in its deficit…
This article discusses efforts by legislators in Springfield to garner support for an increase in the State of Illinois’ income taxes. The Civic Federation says that if the State does not make major budget cuts between now and FY2015 when…
This editorial discusses the effect that an increase to the State of Illinois’ taxes may have on businesses. The Civic Federation says that if the State goes through its plan to borrow money to pay into its pension systems and pay off…
