Tax and Budget

Asset transfers to the state pension systems: Six questions to be answered

Release: February 18, 2019

One idea that has been proposed by a number of observers to repay some of Illinois’ pension debt is an “asset transfer.” Under this proposal, the state (or the City of Chicago, which is also facing a large pension debt problem) would make a contribution to the pension systems in the form of a publicly owned property, such as a tollway or lottery, rather than in the form of cash.

Moving Forward: Illinois' Evidence Based School Funding Formula Can Reverse Decades of Inequity Created by the Foundation Formula It Replaced

Release: October 10, 2018

After just one year of implementation, Illinois’ new school funding formula – the Evidence Based Funding for Student Success Act, or EBF – holds out the promise of closing Illinois’ drastic funding and achievement gaps both between schools in property-rich and property-poor districts, as well as between schools in predominantly white communities and schools that serve predominantly students of color.

More of the Same: The FY2019 General Fund Budget Fails to Address Illinois' Long-Term Structural Fiscal Issues

Release: October 2, 2018

The FY2019 Illinois General Fund budget is the first budget agreed upon by both the General Assembly and the Governor in Illinois since FY2015. Among the highlights of the budget is that the state will, fo rthe second year ina  row, increase funding for K-12 Education by at least $300 million over prior year levels, as required by teh new Evidence-Based Funding for Student Success Act.

Governor Rauner's FY2019 General Fund Budget Proposal Neither Balances Nor Addresses Long-Term Structural Fiscal Issues

Release: May 24, 2018

Fiscal Year (FY) 2019 marks the fourth General Fund Budget proposed by Governor Bruce Rauner. For the first two years of Governor Rauner’s administration, FY2016 and FY2017, the state went without a full General Fund Budget. That gave Illinois the dubious honor of going the longest that any state in the country had ever gone without a budget.  This budget impasse led to an explosion in the state’s deficit under Governor Rauner’s watch. The state’s backlog of bills was $5.97 billion on July 1, 2015, when the impasse began.

Cutting Taxes for the Middle Class and Shrinking the Deficit: Moving to a Graduated State Income Tax in Illinois

Release: April 30, 2018

This report makes the case for a graduated rate state income tax in Illinois, and illustrates two possible rate structures that would accomplish each of three major objectives:

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