Home > Fiscal Policy Center Publications > The Final FY 2008 Illinois Budget SHARE:

The Final FY 2008 Illinois Budget

Illinois finally has a FY 2008 budget. The spring 2007 legislative session continued long into the new state fiscal year that began last July 1. The Governor’s FY 2008 budget proposal, which had featured greatly expanded access to health care and increased support for education, was contingent on several revenue-raising measures, including the adoption of a “gross receipts tax,” which would have taxed nearly all business transactions. The gross receipts tax was overwhelmingly rejected by the Illinois House of Representatives, and the budget debate persisted. Policymakers struggled to find agreement on state priorities and how to fund them. This problem was exacerbated by the requirement of “supermajority” approval (a three-fifths vote) for any measures passed from June through December and designed to take effect immediately – such as the state budget.  Download and read report

Print Friendly