IL HR0121

Urges Governor Pritzker and the Illinois Department of Revenue to explore administrative or legislative options allowing Illinois residents to voluntarily contribute additional amounts beyond their required income tax payments to the state.

Criticizes the FY21 budget as relying on $6.2 billion in structural deficits funded by $5 billion in federal borrowing, $1.2 billion in unapproved "Fair Tax" revenues, and other measures despite Republican warnings about economic realities.

Notes Illinois borrowed $2 billion through the Federal Reserve's Municipal Liquidity Facility in December 2020 and implemented $700 million in cuts, leaving the budget approximately $1.2 billion in deficit.

Highlights that Governor Pritzker's administration failed to account for $500 million to $1 billion in tax liabilities on small businesses resulting from tax changes in the bipartisan CARES Act, despite knowing about the issue since at least October 2020.

Proposes that supporters of higher taxes on the wealthy be given the opportunity to make voluntary contributions to help close the state's budget shortfall.