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Governor JB Pritzker Signs $55.1 Billion Balanced 2026 Illinois Budget With $700 Million New Taxes, Child Tax Credit Boost, Transit Shortfall
Authors
12
3 days ago
Illinois Governor JB Pritzker signed the state’s fiscal year 2026 budget into law on June 16, 2025, marking his seventh consecutive balanced budget. The $55.1 billion spending plan, which represents a $2 billion increase from the previous year, relies on approximately $700 million in new taxes. The budget was passed 14 days ahead of the July 1 deadline after months of hearings and negotiations. It includes measures such as doubling the child tax credit in Illinois and aims to support job creation, economic opportunity, quality child care, infrastructure modernization, and job training. However, the budget season was challenging due to uncertainty over federal funding under President Donald Trump, which Governor Pritzker referred to as the "Trump slump." Notably, the budget leaves unresolved a $771 million shortfall for Chicago-area transit systems. The budget process and its impact have faced criticism regarding who benefits and who is disadvantaged. Meanwhile, other states like Pennsylvania are also focusing on budgets that prioritize education, agriculture, and investments in children’s futures.
Prediction markets for JB Pritzker
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Who will run for the 2028 Democratic nomination for the presidency? [Add Answers]
Dec 9, 1:37 PMMar 6, 4:59 AM
7611162
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20
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9
Who will be the Democratic Party’s nominee for Vice-President in 2028?
Apr 8, 1:57 AMSep 2, 6:59 AM
13779
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Who will win the 2028 South Carolina Democratic presidential primary?
Mar 12, 10:41 PMSep 1, 3:59 AM
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