The Education Freedom Tax Credit, also known as the Federal Scholarship Tax Credit, will give Illinois students access to donor money if the state opts into the program.
Accounting standards call for annual spending reports within 180 days of the year’s end. Illinois took 774 days to produce its 2023 report, setting a national record for tardiness.
Gov. J.B. Pritzker’s 2026 budget includes record spending, cuts to economic development and overreliance on short-term revenue tricks—including a cleverly hidden tax hike, leaving significant work for the state to reach financial stability.
Mayor Brandon Johnson asked to borrow $830 million one day after the city’s credit rating dipping to near-junk status. He would have broad discretion over how to spend the money – including on his friends at the Chicago Teachers Union.
Illinois state lawmakers’ spending plans came in $410 million higher than what Gov. J.B. Pritzker originally proposed. Taxpayers will be forced to pay $1.1 billion more so Illinois can spend record amounts in fiscal year 2025.
Illinois’ tax code stands in the way of the state’s economic competitiveness. The combination of high tax burdens and a poor tax structure contributes to the loss of jobs and investment to other states. From a place of former economic dominance, Illinois now ranks 45th in gross state product (GSP) growth over the past decade...