Illinois Lawmakers Pass $56 Billion Budget, Largest in State History

The Illinois General Assembly approved a state budget of nearly $56 billion for the 2026 fiscal year, which supporters describe as the largest in state history. The House passed the measure by a vote of 76-39 after the Senate approved it 37-21, and the budget now heads to Governor JB Pritzker's desk for his signature. The plan was put forward as part of Pritzker's budget proposal for the coming fiscal year. The budget includes new revenue measures such as taxes on corporate net operating loss deductions and social media companies, which are projected to generate approximately $500 million. It also imposes new taxes affecting cryptocurrency transactions. On the spending side, the budget fully funds K-12 education, with more than $300 million in new education funding, and includes almost $100 million for food assistance programs. Additional provisions include a sales tax holiday on school supplies and a pause on a previously planned increase to the state gas tax. The budget now awaits Governor Pritzker's signature to take effect for the upcoming fiscal year. Republican lawmakers criticized the plan, arguing it relies too heavily on tax increases to balance spending. It remains unresolved how the new social media and corporate tax provisions will be implemented or enforced, and further details on the budget's full spending breakdown have not been specified in available reporting.