POLITICS

Illinois Legislature Approves $55.9B Budget With Taxes Monday

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SPRINGFIELD — Illinois lawmakers passed a $55.9 billion state budget early Monday after an overnight legislative session, approving the largest spending plan in state history. The Senate cleared the measure 37-21 and the House approved it about 4 a.m. by a 76-39 vote; the bill now goes to Gov. J.B. Pritzker. The budget includes about $800–830 million in new tax revenue from digital advertising, social media, cryptocurrency, prediction markets and fantasy sports, and extends a corporate operating loss cap estimated to raise roughly $300 million; it pauses a 1.3-cent gas tax increase for six months, funds pensions and adds $350 million for K-12 this week.

Prepared by Lauren Mitchell and reviewed by editorial team.

Timeline of Events

February: Governor JB Pritzker proposed his fiscal plan and budget framework.
Spring session: Lawmakers debated revenue options, including progressive tax proposals.
Late session: Negotiations scaled back some spending and adjusted revenue measures.
Early Monday: Senate approved the budget 37-21 during overnight proceedings.
Early Monday morning: House passed the budget 76-39; it was sent to the governor.

Why This Matters to You

This budget affects your wallet. New taxes on digital ads, social media, and cryptocurrency could trickle down to consumers. The pause on the gas tax increase might save you a bit at the pump. And if you have kids in school, they could benefit from the extra $350 million for K-12 education.

The Bottom Line

Illinois has passed its largest-ever budget. It's funded by new taxes and spending cuts. The impact on your daily life will depend on how these changes affect your personal and professional activities. Worth forwarding if you know someone who might be affected.