Illinois state lawmakers return to the state capital next week for the final round of the fall veto session. Three days are scheduled for Tuesday through Thursday. Debate continues over whether last summer’s approved tax increases solved the state’s budget problems says Jack Tichenor with SIU’s Paul Simon Public Policy Institute.
The personal income tax rate increased from 3.75 percent to 4.95 percent and the corporate income tax rate jumped from 5.25 percent to 7 percent on July 1, which was the first day of the new fiscal year.
In addition to concern over revenue shortfalls, the state continues to deal with a growing backlog of unpaid bills to state vendors. That number now stands at over $16.5 billion. Illinois Comptroller Susana Mendoza keeps a daily tote board at “illinoiscomptroller.gov.”