v>Illinois House Speaker Mike Madigan (D-Chicago) says there are only 34 votes in the Illinois House to extend the 5 percent income tax beyond the end of this year. Sixty votes would be needed. The 2011 tax increase, raising the state's flat income tax rate from 3 percent to 5 percent, is set to roll back to 3.75 percent at the end of the year. The governor has urged legislators to extend it.
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Madigan says with the session ending on May 31, the next step is to work on a new budget that would not rely on the revenue from that tax. Spending would be $34.5 billion versus the previously estimated $37 billion. “We’re getting closer to the end of the month. I have instructed the appropriation chairs to go back to work and draft yet an alternative budget,” said Madigan.
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