Illinois House Speaker Mike Madigan (D-Chicago) says another budget will be drafted by House Democrats. So far one budget has passed; the problem is it would contain revenue reliant on the current income tax rate of 5 percent. But the rate is due to expire at the end of the year and so far there’s not enough support in the Illinois House to keep that from happening.
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An austerity budget proposed as an alternative failed on Friday by a vote of 107-5.
Madigan predicts this about the end result: “There will be at least 60 Democrats, maybe more, that will be supporting a budget which will continue to provide a good service to the people of the state of Illinois without the income tax increase,” he said.
The rollback of the income tax rate to 3.75 percent would reduce state revenue by $1.8 billion.
Now it’s up to legislators to craft a budget without that revenue, one that can pass. They have until the end of the month to pass one with a simple majority.