The State's Credit Fundamentals Continue to Improve
20
Proposed revenue changes will enable the state to
fund essential services now...
Facing the structural deficit and knowing that a fair tax cannot be implemented before
FY2021, Governor Pritzker recognizes that additional revenues will be needed in FY2020.
Close Corporate Tax Loophole:
Decouple from Federal Tax
Credit for Repatriated Corporate
Income $94M
Additional Revenues to Support
Medicaid:
E-Cigarettes $10M
Cigarette Tax Increase - $55M
MCO Assessment - $390M
Identify New Revenue
Markets:
Sports Wagering $212M
Recreational Cannabis -
$170M
Plastic Bag Tax - $20M
In addition, there is a proposed
FY2020 Delinquent Tax Payment
Incentive Program estimated to
accelerate $175 million.
$1.121B
Changes to existing rate
structures:
Phase out Private School
Scholarship Credit - $6M
Create Progressive Tax
Structure for Video Gaming -
$89M
Cap retailers discount -
$75M
AL OF THE STAT
OF ILLINOI
AUG. 26 1818View entire presentation