Tax cuts are just one of several potential uses of excess revenues and Gov. J.B. Pritzker said he along with the legislative leaders is considering tax cuts.
To Consider Tax Cut If State Revenue Still Persist To Exceed Expectations
With two months to go before the legislature adjourns and current-year revenues continuing to beat expectations, Governor JB Pritzker and legislative leaders are considering tax cuts after 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.
Pritzker said that he would like to see and feel comfortable with these new revenues coming in and their stability he also said that “I think we’re seeing a few years in a row now of the resilience of that revenue that we should be talking about whether there are tax cuts that we can execute,” he said at an unrelated news gathering at a Springfield community college.
In an abc7 news, The governor did not state whether tax cuts would be permanent or which taxes he and lawmakers are considering cutting, and if tax cuts were one of several potential uses of excess revenues, Pritzker said he would like to consider. Others contain contributions to the state’s “rainy day” budget and added payments beyond the needed amounts to the state’s pension system.
The Conversation Shows What To Do With Excess Revenues Yearly
The conversation about how to deal with excess revenues that show year-over-year stability is one Pritzker said has affected both Democrats and Republicans. The House Minority Leader Tony McCombie, R-Savanna, informed Capitol News Illinois in a statement that the House GOP stands ready to operate with the governor in battling with the state revenues if it continues to surpass expectations then they will consider the tax cut.
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