Illinois 2027 Budget: Winners and Losers of $55.9-Billion Spending Plan
Summary
Illinois lawmakers approved a $55.9 billion budget for fiscal year 2027, focusing on expanded public services and new taxes. The budget includes support for families, affordable housing, education, and a pause on fuel tax increases, and now awaits approval from Governor JB Pritzker.Key Facts
- The $55.9 billion budget is the largest in Illinois history and passed by a 76-39 vote in the state House.
- The budget includes new taxes on digital platforms, consumer goods, and financial sectors to support spending.
- Families removed from SNAP benefits nationwide due to work requirements will receive a one-time $400 payment in Illinois.
- A temporary sales tax holiday for back-to-school shopping is included later this year.
- Education funding increases significantly, with more money for K-12 schools and college financial aid.
- Over $500 million is allocated for affordable housing projects and down-payment help.
- The state paused a planned fuel tax increase for six months to ease costs for motorists.
- Democrats mostly supported the budget, while Republicans warned it could harm Illinois’ long-term finances.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.