Illinois universities operate on nearly one-third less than 15 years ago– Illinois Policy Institute
An Illinois Policy Institute analysis found the state’s public universities will collect 31% less to fund operations in the new fiscal year than in FY 2009, adjusted for inflation. University pension payments more than tripling during the period likely aggravated that drop.
Chicago has 2nd-highest commercial property taxes in U.S.– Illinois Policy Institute
Chicago has the second-highest commercial property taxes in the nation at 3.78% – more than double the U.S. average for the largest cities in each state, a new study found. Only Detroit has higher commercial property taxes at 4.21%.
Unhappy anniversary: Illinois income tax hike is 6 years old– Illinois Policy Institute
On July 6, 2017, the Illinois General Assembly voted to override then-Gov. Bruce Rauner’s veto of a record-setting permanent income tax hike. Illinois’ personal income tax is still 4.95%, but the corporate income tax is the third-highest in the nation.
In an audit released last week, the Illinois Auditor General found several repeated findings with the Illinois Department of Employment Security over a lack of proper record keeping of pandemic unemployment assistance programs. The scope of fraud in the program is still not known.
Already home to more nuclear power plants than any state in the nation, Illinois is on the verge of lifting a nearly four-decade-old ban on building reactors as the state transitions from coal and natural gas. The driving forces behind the effort to reverse the moratorium this year were labor unions and not Constellation Energy.
The three-year agreement, with a two-year renewal option, for the NASCAR Chicago Street Race calls for the Park District to receive a $500,000 permit fee, 15% of net commissions on the sale of concessions and merchandise, and $2 for every admission ticket sold.
State ends fiscal year with $726 million surplus– Daily Herald
The $50.7 billion in base general revenues that the state collected in fiscal year 2023 -- which exclude one-time pandemic-related federal funds -- topped last year's previous record by $373 million. Gov. J.B. Pritzker called a "one-time" budget surplus of more than $700 million.
The Illinois Department of Transportation unveiled a plan on Friday for spending nearly $41 billion in federal, state and local funds over the next six years to repair and upgrade roads, bridges, airports, rail lines and other infrastructure throughout the state.