Illinois HR 95: THANKS-WILL TV ON TEN SISTERS

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HR0095LRB104 11919 LAW 22011 r

1HOUSE RESOLUTION

2 WHEREAS, Illinois state lawmakers' spending plans came in 

3at $53.1 billion last year; as a result, taxpayers will be 

4forced to pay $1.1 billion more so that the State can spend 

5record amounts in fiscal year (FY) 2025; and

6 WHEREAS, Among these tax increases, the extension of 

7Illinois' cap on net operating losses, which will hike 

8corporate income taxes for companies recently losing money, 

9could be $526 million in FY2025; and

10 WHEREAS, Because Illinois operates on a fiscal year that 

11runs from July through June, and Illinois corporate taxes are 

12paid quarterly, this tax hike could double in FY2026, 

13resulting in a tax hike of more than $1 billion; and

14 WHEREAS, The Commission on Government Forecasting and 

15Accountability (COGFA) has estimated that the budget shortfall 

16for FY2026 will be approximately $3.1 billion, leading to 

17General Assembly members needing to make tough decisions; and

18 WHEREAS, Illinois' gasoline taxes were bumped to the rate 

19of 47 cents per gallon, making Illinois' gas taxes the second 

20highest in the nation, meaning that Illinois motorists can 

21expect to pay approximately $328 a year in state gas taxes 

HR0095- 2 -LRB104 11919 LAW 22011 r

1alone; and

2 WHEREAS, In 2023, the Commercial Club of Chicago, an 

3organization representing senior leaders of the State's 

4business, education, cultural, and philanthropic sectors, 

5suggested either increasing the State's personal and corporate 

6income taxes for 10 years or implementing a retirement tax to 

7help pay for the State's worst-in-the-nation pension debt; and

8 WHEREAS, There are serious problems with that plan, as the 

9revenue estimates are l