Property tax relief in Illinois tied to income tax constitutional amendment

4 The Record

Democrats have a year to sell it to voters

Illinois State Representative Mike Halpin joined 4 The Record this week. This is the second part of that conversation.

Budget

Critics say the state will still be billions of dollars short because the pension contribution falls short of what actuaries say it should be.

They put the needed contribution at $13 billion.

I know the state’s $9 billion contribution is what the law requires, but that arguably isn’t enough for solvency.

Halpin addressed whether the Democrats have an answer for a $4 billion shortfall and when Illinois can be expected to get this right.

Taxes

One of the big complaints in Illinois surround property taxes.

They are high in the state.

You support legislation that would establish what’s called the Illinois Property Tax Relief Fund.

This would be designed to provide property tax rebates every year for homeowners.

The money to pay for it would come from the change in the income tax system.

That’s a big assumption.

Halpin discussed how big those rebates would be and what can be done to provide property tax relief if the constitutional amendment doesn’t pass.

Sports betting

Illinois state lawmakers gave the OK to allow betting on sports.

Those licenses won’t be cheap.

The initial license can be as high as $10 million for brick and mortar facilities like casinos.

It’s a flat $20 million for online betting sites.

There are also renewal fees of a million dollars for four years.

These businesses will pay a 15 percent tax on their monthly revenue.

The state’s expecting $12 billion from this over six years.

Iowa’s taxes and fees are much lower.

We asked Halpin is Illinois is going overboard on these taxes and fees and if it will discourage these businesses.

Watch the full conversation in the video above.

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