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Pritzker Nixes Hike in State Income Tax
Gov. J.B. Pritzker has decided against proposing a widely expected hike in the state’s income tax as part of the fiscal 2022 budget outline he’ll introduce next week, Crain’s Chicago Business reported.
However, Illinois corporations, if not individuals, will be asked to bear a higher burden, with the governor proposing to close “corporate tax loopholes” worth $900 million a year.
According to a summary Pritzker’s office sent to reporters Tuesday, the new budget will be balanced with a variety of devices, including more federal funding, some spending cuts and the loophole closing.
“There is no question that this budget will include painful choices,” the summary says. The summary doesn’t mention that those choices will be needed because taxpayers in November rejected a proposed graduated income tax that would have brought in $3 billion a year.
Nonetheless, better-than-expected state revenues have reduced a $5.5-billion budget deficit to $3 billion, Crain’s reported.
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- ◦Economy
