Illinois House Delays Sunday Vote On Income Tax Increase
By The Associated Press
Illinois House Delays Sunday Vote On Income Tax Increase
By The Associated Press
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SPRINGFIELD, Ill. (AP) — Action on a revenue plan to end Illinois’ two-year budget stalemate has been delayed.
The House convened at 2:30 p.m. Sunday at Chicago Democratic Speaker Michael Madigan scheduled a roll call on a $5 billion income tax increase many believe is necessary to create a balanced state budget.
But Democrats amended the revenue legislation Sunday and postponed action. House Republicans then called a private party caucus.
Action is scheduled to resume before 5 p.m.
The revenue legislation would increase the personal income tax rate 32 percent. It would go from 3.75 percent to just under 5 percent. The corporate rate would jump from 5.25 percent to 7 percent. It would raise about $5 billion.