If Illinois lawmakers want to extend the income tax increase beyond this year, their decision probably will come late.
This is the assessment of State Rep. Ed Sullivan (R-Mundelein): “I don’t know that Speaker Madigan would like to put that out before an election, so this is all being driven by the election. If by some chance his candidate, Gov. Quinn, would lose, I think he (Madigan) would rather put that on the Republicans to figure that out,” he said.
The income tax rate was raised from 3 percent to 5 percent in 2011. It will roll back to 3.75 percent at the end of this year if lawmakers do nothing.
State Rep. Patricia R. Bellock (R-Hinsdale) says lawmakers who want the tax to go down must start working now to adjust the state budget so it can handle the loss of $2 billion in revenue. She suggests Medicaid as the place where the biggest savings can be found.