The Federal Reserve announced unprecedented plans to directly purchase up to $500 billion in state and local government bonds. States with poorly managed finances, such as Illinois, stand to benefit most, but long-term threats loom without structural reforms.

The severe economic downturn brought on by the coronavirus outbreak and measures taken to contain it could cause state personal income tax revenues to fall by 14.7% to 33.8% this year.

Delaying property tax payments would give much-needed relief for those struggling without a paycheck during the COVID-19 pandemic.