A budget presented in the Illinois House Friday that assumes the income tax increase will expire at the end of the year failed overwhelmingly.
The 5 percent income tax rate is set to roll back to 3.75 percent at the end of the year, unless action is taken by the legislature – and there aren’t enough votes to do that, according to the House speaker.
A $37 billion budget passed last week assumed the income tax rate would be made permanent. The alternative budget voted on today would spend $34.5 billion.
“As of today, the facts are that the tax won’t be extended, and we’re going to have additional pressures,” said State. Rep. Fred Crespo (D-Hoffman Estates), who sponsored the bill with the spending cuts. It failed with 107 representatives voting no.
Republicans claimed the budget cuts need not be as severe as the governor as claimed.
The clock is ticking to finalize a budget before session lets out at the end of the month.