IIFS Blog Archive: June 2011
The Federal Reserve Bank of Chicago recently co-hosted a conference featuring analysis and discussion among local and national budget experts to better understand the fiscal condition of states and prospects for economic recovery after several years of ongoing financial stress. The meeting was co-...
The Illinois General Assembly reconvened on June 22, 2011 for an extra day of the spring session to sort out several issues that were not addressed three weeks ago when the legislature adjourned after approving a $33.2 billion budget.
Despite a significant increase in Illinois’ corporate income tax rate enacted in January 2011, much of the anticipated new State revenue will be offset by corporate tax incentives provided in recent changes to the federal tax code.
Although lawmakers have been considering ways to cut the State of Illinois’ costs for state retiree health insurance, the General Assembly adjourned on May 31, 2011 without taking action on the issue. A bill (Senate Bill 175) to require all retirees to pay a share of the cost for insurance...
After several significant budget related initiatives failed to advance out of the General Assembly, such as proposed pension reforms and borrowing to pay down the State’s backlog of unpaid bills, the legislature passed an operating budget for FY2012 in the final hours of its regular session...