The state of Illinois faces a significant structural deficit into the future. The report highlights the nature of the structural deficit and identifies two key causes: the state’s historically flawed tax policy and the plan devised for repayment of Illinois’ pension debt. CTBA proposes both the adoption of the Fair Tax and a reamortization of the pension debt as described in the report titled: Addressing Illinois’ Pension Debt Crisis With Reamortization. Doing so would allow the State to ensure full funding for the Evidence Based Funding Formula while also improving the status of Illinois’ public employee pension system and eliminating the State’s structural deficit by 2042.
This Fact Sheet provides an overview of House Joint Resolution Constitutional Amendment (HJRCA) 61. HJRCA 61 was a proposed Constitutional Amendment that would limit growth in appropriations for General Fund spending to the average annual percentage increase in state per capita personal income over the most recent five calendar years.