Issue Brief: The Pending FY2016 Fiscal Cliff
Release: December 22, 2014
CTBA's issue brief, The Pending FY2016 Fiscal Cliff details the significant—potentially over $12 billion— fiscal shortfall facing the next General Assembly and Governor-elect Bruce Rauner as they work to craft a General Fund budget for Fiscal Year 2016.
CTBA Analysis of Bruce Rauner’s “Bring Back Blueprint”
Release: August 31, 2014
This Issue Brief provides CTBA's analysis of gubernatorial candidate Bruce Rauner's position paper on fiscal policy, "Bring Back Blueprint: Jobs and Growth Agenda” (the “Blueprint”). The Blueprint represents candidate Rauner’s most complete policy statement on how to resolve the very real and serious fiscal problems that have plagued Illinois state government for decades. After taking into account all of the Blueprint’s proposals, the Illinois budget would be $5.9 billion short in FY2016, and that is before factoring in the current projected deficit from FY2015, which would increase the total accumulated deficit to $12.4 billion in FY2016. The Blueprint presents no data, plan, or policy proposal as to how to balance the budget.
Fact Sheet: The High Cost of Doing Nothing
Release: June 9, 2014
Because the Illinois legislature failed to act during the spring 2014 legislative session, both of the temporary state income tax increases that became law under the Taxpayer Accountability and Budget Stabilization Act of 2011 (TABSA) will begin to phase down halfway through Fiscal Year (FY) 2015, which begins on July 1, 2014. Under TABSA, the personal income tax rate will decline from 5 percent to 3.75 percent, and the corporate income tax rate will drop from 7 percent to 5.25 percent beginning on January 1, 2015.
Analysis of the Proposed FY2015 Illinois General Fund Budget
Release: May 19, 2014
This Report provides a detailed analysis of Governor Pat Quinn’s two very different proposals for the FY2015 General Fund budget—a Recommended Budget and a Doomsday Budget. This unconventional approach to the FY2015 budget was forced on the Governor because of the scheduled phase down of the temporary tax increases in the state’s personal and corporate income tax rates that became effective in 2011.
Good for Business: How Illinois Can Best Support Small Business
Release: April 7, 2014
Policy leaders across Illinois have identified supporting small businesses and entrepreneurship as key to reviving the state’s sluggish economy. And no wonder, given that over 99 percent of all businesses in Illinois are “small business” as defined by the Small Business Administration. This Report, identifies best practices and policy initiatives decision makers can take to improve the state’s economy and aid small businesses in Illinois.