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Highest-ever balance slated to exceed $1.9 billion by end of fiscal year
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S&P cites recent early debt retirement, buildup of rainy day fund
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Preschool, child care investments top list of proposed spending increases
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Beginning Friday and lasting through Aug. 14, the state will reduce its sales tax rate from 6.25 percent to 1.25 percent for certain clothing items costing less than $125 and school supplies.
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Illinoisans will receive some modest tax relief starting Friday when the state’s new fiscal year begins.
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State Sen. Jason Barickman said early in the spring legislative session he expected very little productivity coming out of it. And now Barickman said his expectations have been fulfilled.
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Illinois lawmakers worked until the early hours of Saturday to pass a $46.5 billion spending plan for the upcoming fiscal year, as well as a $1.8 billion package of mostly-temporary tax cuts that Democrats said are intended to soften the impact of inflation on working families.
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Gov. JB Pritzker and Democratic legislative leaders struck a state budget deal Thursday that provides more than $1.8 billion in tax relief to inflation-weary Illinoisans, handing the party what it hopes will be a potent message of empathy and fiscal solvency heading into fall campaigns.
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As Illinois emerges from the COVID-19 pandemic, a spokesperson for Illinois State University said the institution is "grateful that there were no reductions" to state funding in the new state budget.