The top Republican in the Illinois Senate doesn’t expect lawmakers to tackle the state’s expiring income tax increase anytime soon. The tax hike is set to expire at the end of the calendar year, and Senate Minority Leader Christine Radogno (R-Lemont) says as of now, the state stands to lose about $5 billion in revenue annually.
“There will be a big revenue hole unless spending is dramatically curtailed,” Radogno said.
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Cuts are the way Radogno would prefer to narrow that budget gap, but she says she’s open to a gradual, rather than immediate, rollback of the increase. Whatever the solution, she believes the issue will likely going to be put off until November.
“In terms of once and for all solving the tax issue, I don’t think that will happen before the election,” Radogno said.
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The governor may not be able to wait that long, according to Radogno, since the tax hike’s expiration date comes in the middle of the fiscal year.
If the increase is allowed to expire, the personal income tax rate would fall from 5 percent to 3.75 percent.
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