IIFS Blog Archive: February 2011

02.25.11

Governor Proposes Borrowing to Pay Business Tax Refund Backlog

In order to pay income tax refunds owed to taxpayers, the State of Illinois sets aside a percentage of income tax receipts received throughout the year and deposits them into a special fund. Different percentages apply to individuals and businesses, but all refunds are paid from the same fund...

02.17.11

Governor Proposes FY2012 Budget with More Borrowing and Spending

Governor Pat Quinn’s proposed FY2012 budget for the State of Illinois features additional borrowing and an overall increase in spending, despite steep spending reductions in the area of human services. The Governor’s FY2012 budget, issued on February 16, 2011, includes total operating...

02.10.11

Budgetary Troubles Not Unique to Illinois

Illinois’ budgetary woes put it in the company of states such as California and Nevada that are suffering major economic consequences due to unsound fiscal policies and the current economic climate. However, other states, including those known for better fiscal management, are being forced to...

02.03.11

State Considering More Borrowing After Tax Increase

The State of Illinois is anticipating a large increase in revenues from income tax rate increases approved in January and additional resources from borrowing to make its pension payment for the second year in a row. Even so, the Governor and General Assembly are considering borrowing billions more...