(Springfield, IL) — Illinois is facing a 267-million dollar deficit based on the budget approved back in May. The reason, according to the state’s office of management and budget, is a drastic drop in corporate income tax receipts since the start of the current fiscal year. Governor J.B. Pritzker’s office said the president’s Big Beautiful Bill is costing Illinois more than 800-million dollars in corporate and individual income tax receipts. The FY26 budget includes a hundred-million dollar reserve to cover a budget shortfall, but it’s proven not enough, as the governor is calling for agencies to propose changes or funding transfers to cover the remainder.
TR) Ryan Lang/jb IL) Copyright © 2025 TTWN Media Networks Inc.
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