Lawmakers will have nearly two billion dollars less to work with as they craft next year's budget.
There's one big reason Illinois isn't going to have that $1.9 billion to spend on assets like education, health care, foster care and long-term care.
"The lower income tax rates have kicked in, Jim Muschinske, a revenue manager for the state’s fiscal forecasting, said. “We're going to be losing general funds revenue from here on out."
Muschinske is talking about the rollback of Illinois' income tax rate in January, from 5 to 3.75 percent. Other, smaller factors are at play too; he predicts Illinois will take in less money from the federal government.
"And really at the end of the day I wouldn't be surprised if that's even not enough of a downward revision," Muschinske said.
Muschinske says Illinois has brought in more from sales and inheritance taxes than expected.
