Illinois Governor JB Pritzker and legislative leaders are considering state tax cuts as current-year revenues continue to smash expectations.
His comments came one week after the legislature's nonpartisan Commission on Government Forecasting and Accountability, or COGFA, increased its revenue estimates by about $1 billion for the current and upcoming budget years combined.
House Minority Leader Tony McCombie, R-Savanna, told Capitol News Illinois in a statement that the House GOP stands ready to work with the governor. "Initial discussions on tax relief have been receptive," Curran said in a statement. "We will continue to call for implementing the business incentives that the governor agreed to in the Blue Collar Jobs Act, along with additional tax relief for Illinois families and small businesses."
The governor's office estimated those measures amounted to about $1.8 billion in tax relief overall. The state approved legislation bringing its rainy day fund balance to an estimated $1.9 billion by the end of the fiscal year and contributing $500 million beyond statutory requirements to its pension fund over the past two years.
COGFA's new estimate of $51.9 billion in revenues for the current fiscal year that ends June 30 is $545 million beyond the amount assumed by the Governor's Office of Management and Budget in Pritzker's budget proposal. And its $50.4 billion estimate for the fiscal year that begins July 1 is $465 million beyond GOMB's initial estimate.
But it could also move downward, the commission noted, if those revenues come in lower than expected due to weakening market conditions. They noted other factors could change the state's revenue outlook, including the possibility of another COVID-19 resurgence, a worsening of the war in Ukraine, or a potential recession.
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