IVCA Provides Updates for State Legislative Issues – 2/5/2025
Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates
Wednesday, February 5, 2025
IVCA INTRODUCES BILLS IN 104TH GENERAL ASSEMBLY
The IVCA has introduced a pair of bills to address ongoing complications from the change in the definition of an investment partnership. The bills are SB 145 sponsored by Sen. Bill Cunningham, and HB 1396 introduced by Rep. Curtis Tarver, who is also chair of the House Revenue Committee. Both legislators are familiar with the issues associated with the IVCA and we will also reach out to other legislators to add their names as cosponsors. The bills may move on their own, however the more likely objective is to have the language included in an omnibus revenue measure which is agreed to near the end of session in May.
MADIGAN TRIAL STILL WITH THE JURY
JURY DELIBERATES MADIGAN FATE
STATE GRAPPLES WITH BUDGET HOLE
Governor Pritzker delivers his FY 26 budget address February 19. The state is facing a big budget gap, and, watching closely to see if major spending programs such as Medicaid will be impacted by decisions and directives from the federal level.
Capital Fax with quotes from the Governor on taxes to address budget issues:
Tuesday, Feb 4, 2025 – Posted by Isabel Miller
*Last week the governor was asked about tax increases…It’s very important that we live within our means in this state, and that we not resort to tax increases as a way to, you know, to balance the budget, right? And so that’s what the communication we’ve had with our agencies and looking at all the priorities that we need to take care of.* Rich followed up at a press conference this afternoon by pointing out the highlighted quote above about not raising taxes and asked the governor if that would also apply to the mass transit fiscal cliff…What I said last week was that we should be living within our means and doing everything we can to do that. I’ve also said in previous press conferences, and still believe that taxes should not be the first but rather the last thing that we look at. And so when we look at when we look at the question of mass transit, we’ve got to consider everything that contributes to that, state government, county government, city government, as well as the fare box and all those things together are going to help solve the problem.
COGFA REPORTS FISCAL CONDITIONS
Revenues from the Personal Income Tax are now $1.293 billion or +8.2% above last year’s levels through January. On a net basis, the gains are slightly weaker at $1.099 billion. While the Personal Income Tax continues to perform well, Corporate Income Tax receipts continue to struggle. These receipts are now down $477 million through January – a decline of -14.1%. On a net basis, the falloff only improves slightly to -$383 million. These important revenue sources will be watched closely as we enter into the revenue-heavy final tax payment period in the upcoming months.