IVCA Provides Updates for State Legislative Issues – 04/24/2024
Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates
Wednesday, April 124, 2024
BEAR DOWN, OR UP?
Does it have the same odds as a hail Mary pass, recovering an onside kick, a 70 yard field goal, or is momentum moving in the favor of the mega-development proposed by the Chicago Bears and Chicago White Sox? Legislators and the governor have mostly thrown penalty flags when asked about the possibilities of a stadium deal which would include public financing. Today the Bears move further ahead with a proposal including an appearance from City of Chicago Mayor Brandon Johnson. By the time you’re reading this more details will be available, still here’s the lead up:
Governor Pritzker was asked at an unrelated press opportunity for his view:
But I remain skeptical about this proposal. And I wonder whether it’s a good deal for the taxpayers. It’s early and I have not even heard the announcement today, but obviously read your reporting and others. But it’s very important to me that with all the state needs to accomplish, that, you know, we think about what the priorities are of the state. You know, here we stand talking about the Health Care Protection Act. Later today I’m going to be talking more about birth equity, and helping to build birth centers in areas of the state where people don’t have options for their for giving birth, that are outside of hospitals. And that requires capital. There are a lot of priorities the state has and I’m not sure that this is among the highest priorities for taxpayers.
LEGISLATURE REBUKES CHICAGO TEACHERS UNION
The legislature is not in session this week. Last week used a stiff arm on the Chicago Teachers Union in passing a bill by Rep. Margaret Croke which would prevent the Chicago Public Schools from closing any schools – selective enrollment, charter, or others – until a fully elected school board is in place. The CTU had been riding a wave of momentum with the election of Mayor Johnson however more recently experienced turbulence with legislation for an elected school board and now the closure issue:
CROKE BILL TO PROHIBIT CLOSURES
LEGISLATURE WRESTLES WITH PENSION PLANS
A legislative committee last week took several hours to listen to arguments for addressing the Tier 2 pension issue confronting the state, the vehicle for which is currently HB 4873
CIVIC FEDERATION TIER TWO EXPLAINED
The Better Government Association is one of the primary advocates for acting on Tier Two pensions without undoing what progress has been made overall:
Tier 2 benefits are not keeping pace with the growth in Social Security benefits. This violates a safe-harbor provision of federal law. The problem must be addressed. But if a so-called “fix” becomes more than that—if it becomes an effort to “Undo Tier 2”—this would cancel out the benefits of pension reform and set back our state’s fiscal stability.
ILLINOIS CREDIT UPGRADE
Moody’s upgraded its view of the state’s financial condition from stable to positive. Both the governor and the two democratic legislative leaders have leaned into developments such as this to argue their policies have helped the state pay down its backlog of bills and have stabilized state finances.