Alternatives to Illinois’ Budget Deficit: An Analysis of Proposed Solutions by Gubernatorial Candidates, Elected Officials, and Public Policy Organizations.

 At the time the final draft of this paper was completed, Illinois’ 96th General Assembly had just ended its term. In the last session on January 12, 2011, the 96th General Assembly (2009c) authorized SB 2505, which sets the individual income tax rate at 5% beginning on January 1, 2011, at 3.75% beginning on January 1, 2015, and at 3.25% beginning on January 1, 2025. SB2505 also authorizes an increase in the corporate income tax rate to 7% beginning on January 1, 2011, 5.25% beginning on January 1, 2015, and 4.8% beginning on January 1, 2025. As such, the alternatives reviewed in this work, when contemplating changes, consider the previous rates in their proposals to modify the state income tax.