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Illinois Income Tax Will Likely Not Be Temporary

One thing that seems to be a fact is that no tax is temporary.

After Governor Pat Quinn’s budget speech Wednesday, Illinois House Speaker Michael Madigan says he plans to call a vote on making the state's temporary tax increase permanent.

Illinois Senate president John Cullerton also agrees with Gov. Pat Quinn on extending the tax.

The state would lose $1.6 Billion worth of income if the tax stops.

Quinn may want to keep the income tax but he is also proposing giving homeowners relief by offering a tax refund $500 for those who pay property taxes.  

 Illinois is facing billions in unpaid bills and uncertainty with its pension debt.

A newly-signed pension overhaul cuts benefits for state employees and retirees, but unions have sued because they think it's unconstitutional.