Governor: Budget Shortfall Exceeds Illinois’ Reserve
Illinois is facing a $267-million deficit based on the budget approved back in May. The reason, according to the state’s office of management and budget, is a drastic drop in corporate income tax receipts since the start of the current fiscal year. Governor J.B. Pritzker’s office said the president’s Big Beautiful Bill is costing Illinois more than $800 million in corporate and individual income tax receipts. The FY26 budget includes a hundred-million-dollar reserve to cover a budget shortfall, but it’s proven not enough, as the governor is calling for agencies to propose changes or funding transfers to cover the remainder.
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