Illinois Governor Bruce Rauner signed a $38.5 billion bipartisan compromise budget into law on Monday.
The bipartisan budget contains no new taxes, increases funding for education, and creates a new adoption tax credit that will make it less costly for Illinois parents to adopt children.
“For the first time in years, we have an opportunity to manage our way into balance, and we don’t have to dip into the pockets of overtaxed Illinoisans to do it,” Rauner said. “Balance is in reach because we were able to accomplish $445 million of pension reform and the economy is stronger thanks to federal tax reform, and we are benefiting from an unexpected boost in tax receipts.”
The bulk of the Fiscal Year 2019 budget plan was laid out months ago when Gov. Rauner gave his budget address to the General Assembly in February.
"This balanced budget was a bipartisan compromise that contains no new taxes and includes full year funding with appropriations for those who rely upon us - schools, universities, corrections, seniors, families, children and the underprivileged," House Republican Leader Jim Durkin said. "I have always said we can achieve great things when we respect the priorities and principles of our counterparts, and with this new framework I look forward to accomplishing more reforms for the state of Illinois."
“While not a perfect budget, the bipartisan, bicameral process led to a truly balanced budget that can help restore confidence and a foundation for greater fiscal stability,” said Sen. Heather Steans (D-Chicago).
(This story was originally published on June 4, 2018)
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