Illinois Governor Signs FY 2015 Budget, Vows To Cut More
Illinois Governor Pat Quinn signed the state’s $35.7 billion operating budget for fiscal 2015 on Monday, vowing to continue to chisel away at spending approved by the legislature. The General Assembly’s budget is peppered with one-time measures after House Democrats in May could not muster enough votes to make a temporary income tax hike permanent. Higher personal and corporate income tax rates, which were passed in 2011 during one of the state’s budget pinches, are set to partially expire on January 1st, causing an estimated $2 billion revenue decline in the fiscal year that begins on Tuesday.
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