Advocacy Report
The General Assembly is moving towards its May 31 adjournment even as major issues remain unresolved. Last week, budget bills were approved assuming the temporary income tax increase would be made permanent. However, any proposal to make permanent or extend the increase lacks sufficient support in the House. As a result, budget bills are being rewritten assuming the expiration of the temporary tax hike and the resulting lower revenue.
Cook County unveiled its Chamber-supported pension reform legislation. It is likely to be acted upon before adjournment.
The report of the Joint House Revenue and State Government Administration Committee is to be released next week. It is expected to include recommendations regarding the Illinois corporate franchise tax, income tax credits, Illinois EDGE program, and Manufacturer's Purchase Credit. It is not expected the House will implement any of the recommendations before adjournment.
House Speaker Michael Madigan's "Millionaires Tax" non-binding referendum (HB 3816) passed the House with a vote of 64-46. His proposal to add a 3 percent surchage to incomes of more than $3 million will appear on the November 4 ballot.
