Taxpayer Accountability and Budget Stabilization Act
Released August 12, 2015
This Report provides a detailed analysis of both Governor Bruce Rauner’s and the General Assembly’s two very different proposals for the FY2016 General Fund budget. Both budget proposals would cut services and increase the state’s deficit due to the phase down of the temporary tax increases in the state’s personal and corporate income tax rates that became effective on January 1, 2015. Collectively, those income tax rate cuts will cause Illinois’ General Fund to lose $4.6 billion in recurring revenue over the course of the full fiscal year.
Released December 22, 2014
CTBA's issue brief, The Pending FY2016 Fiscal Cliff details the significant—potentially over $12 billion— fiscal shortfall facing the next General Assembly and Governor-elect Bruce Rauner as they work to craft a Gener
Released August 31, 2014
This Issue Brief provides CTBA's analysis of gubernatorial candidate Bruce Rauner's position paper on fiscal policy, "Bring Back Blueprint: Jobs and Growth Agenda” (the “Blueprint”). The Blueprint represents candidate Rauner’s most complete policy statement on how to resolve the very real and serious fiscal problems that have plagued Illinois state government for decades. After taking into account all of the Blueprint’s proposals, the Illinois budget would be $5.9 billion short in FY2016, and that is before factoring in the current projected deficit from FY2015, which would increase the total accumulated deficit to $12.4 billion in FY2016. The Blueprint presents no data, plan, or policy proposal as to how to balance the budget.
Released June 9, 2014
Because the Illinois legislature failed to act during the spring 2014 legislative session, both of the temporary state income tax increases that became law under the Taxpayer Accountability and Budget Stabilization Act of 2011 (TABSA) will begin to phase down halfway through Fiscal Year (FY) 2015, which begins on July 1, 2014. Under TABSA, the personal income tax rate will decline from 5 percent to 3.75 percent, and the corporate income tax rate will drop from 7 percent to 5.25 percent beginning on January 1, 2015.
Released May 19, 2014
This Report provides a detailed analysis of Governor Pat Quinn’s two very different proposals for the FY2015 General Fund budget—a Recommended Budget and a Doomsday Budget. This unconventional approach to the FY2015 budget was forced on the Governor because of the scheduled phase down of the temporary tax increases in the state’s personal and corporate income tax rates that became effective in 2011.
Released April 8, 2014
Presentation on the FY2015 budget proposals given at the National Associatioin of Social Workers Advocacy Day in Springfield, Illinois.
Governor's FY2015 Proposed General Fund Appropriations ($ Millions)
Released October 1, 2013
The fiscal problems that have historically plagued Illinois are on full display in the FY2014 General Fund budget passedby the Illinois General Assembly. The state’s accumulated deficit remains significant, and in all likelihood will be at least $8 billion by the end of FY2014. Despite increases for some aspects of the General Fund budget, net spending on services will be $173 million less in FY2014 than in FY2013. Meanwhile, as spending on service delivery continues to decline, the annual cost of debt service continues to grow—specifically the debt owed to the state’s five public pension systems.