Why HB 174 or equal legislation?
This bill provides a comprehensive plan to address the needs of the State for equitable, sustainable, and consistent revenues to fund schools and other important social programs that have seen major budget cuts for the past several years.
HB 174 is a comprehensive, balanced solution that will:
- Raise at least $5 billion in new state resources. It will:
- Increase the state's personal and corporate income tax rates to at least 5% each.
- Expand the state's sales tax base to include more services, which are the fastest growing proportion of our economy.The expansion will be limited to those services which are also taxed by our neighboring states.
- Provide meaningful tax relief for families. It will:
- Significantly grow the Illinois Earned Income Tax Credit for low-income, working families.
- Increase the state's standard exemption, helping all taxpayers.
- Double the state's property tax credit for homeowners.
- Preserve important state services. It will:
- Raise funds that are necessary to provide vital health and human services from deep budget cuts or even elimination.
- Commit a portion of new revenues to strengthening education, from early childhood through higher education.
- Ensure new resources for municipalities and other local governments.
- Reform educational practices. It will:
- Enact school reforms through new oversight and accountability measures.
To read the full bill, HB 174, as passed by the Senate, please click HERE.
The League of Women Voters IL has joined with the Responsible Budget Coalition, a statewide coalition of social services, education professionals, legislators, faith-based organizations and others who believe that HB 174, or equal legislation, is the most responsible answer to Illinois' fiscal quagmire.
Read more about the Responsible Budget Coalition. |
