FOR IMMEDIATE RELEASE 

May 29, 2024 

CONTACT: 

Brandon Lee

blee@icirr.org 

Substantial Progress in FY25 Budget, But More Revenue Solutions Are Needed So That All Illinois Families Can Thrive

Chicago, IL – On Wednesday, the Illinois House of Representatives joined the Senate in approving the FY2025 state budget and revenue omnibus, which includes new revenue sources that will go to fund childcare, education, healthcare, after-school programing, a new state child tax credit, and other critical services. The new revenue sources include:

• Reforming the retailers’ discount to generate $186 million in new revenue for state and local governments every year,

• Enacting a graduated tax on companies profiting from sports betting, raising $200 million a year, and;

• Adjusting the cap on corporate net operating loss deductions instead of letting it expire, raising $523 million per year.

The following is a statement by Fund Our Futures, a coalition of community groups, social and legal service organizations, and labor unions representing many of Illinois’ historically marginalized communities:

The budget passed by the General Assembly makes some needed progress towards the funding levels needed to tackle growing inequality in our state, but the reality is that we are starting from a deep hole rooted in generations of disinvestment. Without a turnaround that includes significant new investments and the revenue required to address these challenges, many families are not going to be able to climb out. Illinois’ tax system is currently the 8th most unequal of all states and the most unequal of all states in the Midwest; in order to change that, we need our leaders to think bigger.

Our coalition identified $1.5 billion in potential new revenue proposals that could pay for the programs and infrastructure needed for low-income and middle-class families to thrive. We are glad to see the modernizing of the retailers’ discount, a revenue policy we championed, included in the budget. Unfortunately, a substantial amount of revenue was left on the table that could have been used to fund primary human needs such as health care, education, housing, guaranteed income, and services for seniors, immigrants, reentering community members, and other populations.

This budget season, we brought hundreds of people to Springfield for lobby days, held numerous meetings with legislators, and shared findings from our report on new revenue streams. We know that many legislators are hesitant to move forward new revenue and go against the wealthy individuals and corporations benefiting from Illinois’ inequitable tax structure. The progress in this budget makes us hopeful that our continued efforts to overcome these hesitations and work with our legislators to prioritize the needs of our families over entrenched lobbyists will be successful so that everyone in our state will have a brighter future.

Working families across Illinois have made it clear that they want their tax dollars to go to investing in the needs and well-being of people and communities and not to subsidizing already wealthy corporate interests. Our coalition is committed to building on the wins from this year’s budget and organizing to win permanent, equitable revenue solutions in the next legislative session.

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The Fund Our Futures Coalition includes: Brighton Park Neighborhood Council, Chicago Teachers Union, Grassroots Collaborative, Healthy Illinois, Illinois Coalition for Immigrant and Refugee Rights, Jewish Council on Urban Affairs, ONE Northside, PEER Illinois, SEIU Healthcare Illinois, Shriver Center on Poverty Law, The People’s Lobby, Workers Center for Racial Justice