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Gov. J.B. Pritzker Proposes $52.7 Billion Budget with Focus on Pension Reform and Social Programs

The budget plan includes significant tax increases on businesses and sportsbooks to fund education, healthcare, and debt relief initiatives.

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Lawmakers applaud Gov. J.B. Pritzker before his budget address Wednesday at the Illinois State Capitol in Springfield.

Overview

  • Gov. J.B. Pritzker's $52.7 billion budget proposal aims to address Illinois' pension debt, fund migrant crisis response, and introduce a child tax credit.
  • The plan proposes over $800 million in tax increases, targeting large corporations and sportsbooks, to support state spending without directly burdening residents.
  • Pritzker's budget includes a strategy to manage the state's pension debt by aiming for 100% funding by 2048, adjusting from the previous 90% target.
  • A $10 million investment is planned to erase $1 billion in medical debt for Illinois residents, following a successful model in Cook County.
  • Education and healthcare receive significant funding, with initiatives to expand early childhood education and maintain healthcare benefits for undocumented individuals.