(The Center Square) – Starting Tuesday, Illinois taxpayers will be funding the largest budget in state history.
The $55.2 billion spending plan for fiscal year 2026 includes higher taxes on telecommunications, tobacco products, sports wagering and long-term rentals, along with corporate income tax rule changes which are expected to bring in more tax revenue from businesses. The budget legislation signed by Gov. J.B. Pritzker on June 16 also lowered tax rebates on electric vehicle purchases.
Illinois House Speaker Emanuel “Chris” Welch, D-Hillside, thanked members of his budget team and said they accomplished something “great.”
“Our House budgeteers along with Gov. Pritzker and our colleagues in the Senate faced the challenges and uncertainty head-on, and the result is a budget that is truly balanced with no gimmicks, both fiscally and socially,” Welch said during Pritzker’s budget-signing ceremony.
State Sen. Elgie Sims, D-Chicago, filed Senate Bill 2510, which included the budget’s record-high appropriations.
“This balanced, responsible budget is based on revenues of approximately $55 billion, $298 million carried against $55 billion, $48 million in spending,” Sims said.
Pritzker and Illinois Senate President Don Harmon, D-Oak Park, also referred to balance and responsibility.
“We all wish we could do more, but this is a responsible, balanced budget that continues our work to improve the lives of the great people of the great state of Illinois,” Harmon said in a statement.
“The passage of the FY26 balanced budget is a testament to Illinois’ fiscal responsibility,” Pritzker stated.
State Sen. Chapin Rose, R-Mahomet, said state spending has increased nearly 40% since Pritzker became governor.
“Has anybody at home, any of our constituents had a 40% pay raise in the last six years? I’m guessing not. I’m pretty sure most of my constituents haven’t had a 40% raise the last six years, but government has. Government keeps feeding upon itself. It’s insatiable. It just never ends,” Rose said during a speech on the Senate floor May 31.
Rose noted that the budget “paused” property tax relief.
During budget debate on the House floor, state Rep. Martin McLaughlin, R-Barrington Hills, said Democrats went after taxpayers’ wallets, purses and savings for reckless spending and political cover.
“We are wrong. We’re wrong spending the way we are and we’re wrong giving ourselves pay raises while our constituents can’t fill their gas tanks, can’t afford college, can’t pay their bills or keep their homes. And while some in this chamber cheer this embarrassment as a win for the governor, I see it as a complete failure to lead,” McLaughlin said.
The Illinois Freedom Caucus issued a statement Monday on the state budget’s growth from $40.3 billion to $55 billion during Pritzker’s tenure as governor.
“Even when confronted with a massive budget hole, Governor Pritzker still signed into a law yet another record spending bill. The combination of high taxes and the Governor’s far-left policies has made Illinois a leader in the nation in outmigration,” the statement read.
Greg Bishop contributed to this story.
