In this issue:
- Property tax savings for seniors
- State revenues up almost half a billion dollars
- Madigan appeals corruption conviction
- Museum pass still available
Property tax savings for seniors
If you have read many issues of this newsletter, you know I have been a longtime advocate of property tax reform. This week I am pleased to tell you that a bill to help seniors with their property taxes passed both houses during the closing hours of the fall veto session.
The bill was Senate Bill 642. For the Senior Freeze Homestead Exemption, it raises the income limitation from $65,000 per year up to $75,000 for taxes to be paid in 2027, then up to $77,000 in 2028 and up once again to $79,000 in 2029 and thereafter. This is the first time that the limitations have been raised since 2017. It will result in property tax savings for many seniors throughout Illinois.
The bill passed both the House and Senate unanimously and is now awaiting action by the Governor. It was good to see both parties come together and offer some much-needed property tax relief for our seniors. I hope that this will continue next spring as we look at more ways to ease the burden on taxpayers.
State revenues up almost half a billion dollars
Four months into the new fiscal year, state revenues are up by almost half a billion dollars compared to this time last year.
The latest report from the state’s Commission on Government Forecasting and Accountability found that revenue had increased by $474 million, a 2.9% gain, compared to one year ago.
Revenue from sales taxes gained $196 million, a 5.1% increase from last year, with estate taxes and insurance taxes also gaining. A few other state taxes brought in less revenue than in 2024, including cigarette taxes (down by $7 million), public utility taxes (down $5 million) and liquor taxes (down $3 million).
The “transfers-in” category saw a big gain, with growth in such areas as sports wagering (up $68 million) and gaming transfers (up $31 million). Funds to the state from federal sources rose by $126 million, an increase of $9.7% over last year.
Madigan appeals corruption conviction
Convicted former Illinois House Speaker Michael Madigan has filed an appeal of his federal guilty verdict on corruption charges. Madigan was sentenced to more than seven years in prison earlier this year following his conviction in a bribery scheme involving jobs and benefits for political cronies being exchanged for the passage of favorable legislation in Springfield.
Madigan’s legal team is appealing the verdict based on a claim of over-reaching by the prosecution and a lack of due diligence by the trial court.
Prosecutors alleged that a large utility company needed certain things from the Illinois lawmaking process, that Madigan and his office gave them these things, and that the company then paid out significant sums of money to members of Madigan’s political machine. In all, Madigan was found guilty on ten separate counts of corruption.
The former Speaker’s lawyers assert that these exchanges of money, jobs and favors were not bribery, merely “the rough-and-tumble business of state politics.”
Museum pass still available
Families — don’t forget! You can use the Museum Authorization Pass to enjoy free or discounted admission to Museums in the Park in Chicago. It’s a great way to explore amazing museums together without the extra cost.
You can e-mail Kira at [email protected], or call at 779-218-3070 to reserve the card!
Our current bill backlog
When a vendor provides the state with goods and services, they submit the bill to the Illinois Comptroller for payment. The Comptroller processes the paperwork and pays the bill when funds are available in the state’s checking account. Currently the total amount of unpaid bills is $1,561,896,511. This figure changes daily. Last year at this time the state had $1.6 billion in bills awaiting payment. This only includes bills submitted to the Comptroller for payment, not unfunded debts like the state’s pension liability, which is well over $100 billion.
Illinois headlines
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