102nd ILLINOIS GENERAL ASSEMBLY:
House and Senate Democrats have been asked to hold Wednesday, January 4 through Tuesday, January 10 for a possible Lame Duck Session. The 103rd General Assembly is sworn into office on Wednesday, January 11.
Illinois State Police: A new state-of-the-art Illinois State Police Metro East Regional Headquarters will be built in East St. Louis. The regional multi-mission facility will house ISP patrol, investigations, communications, and Special Weapons and Tactics (SWAT) resources. More information is here.
Illinois Commerce Commission: The Illinois Commerce Commission announced the release of a Notice of Inquiry Report on the Infrastructure Investment and Jobs Act (IIJA). The Report summarizes information collected by the state’s regulated utilities and other stakeholders regarding federal grants, loans, assistance, and programs are available and who plans to apply.
The 22-NOI-01 Report and the information submitted by the parties are available for review under the heading NOI Schedule and Submissions on the Commission website at: 22-NOI-01 (illinois.gov).
REV Tax Incentives: T/CCI Manufacturing in Decatur is the recipient of the first electric vehicle manufacturing-targeted tax incentive created under the Reimagining Electric Vehicles Act. T/CCI’s Decatur plant currently manufactures compressors for gasoline-powered cars. The company plans to retool the facility to produce compressors for EVs with an estimated $20 million investment. Currently, T/CCI makes EV compressors, a part which cools batteries and powers car air conditioning systems, in China and India.
Opening Doors Homebuyer Program: The Illinois Housing Development Authority’s Opening Doors program is offering assistance to an additional 1,600 homebuyers. The program is designed to aid lower-income borrowers and households of color who have historically faced steeper barriers in their path toward homeownership with $6,000 in forgivable assistance for down payment and/or closing costs. More information on the Opening Doors program is here.
Comptroller Update: Illinois State Comptroller Susana
Mendoza tested positive for COVID-19 earlier this week. She is experiencing mild symptoms and is working from home.
Revenue Update: The Commission on Government Forecasting and Accountability released their August Revenue Report noting that base general revenues grew by $255 million in August due to continued solid performances from the “big three” revenue sources. Another $180 million in ARPA reimbursements raised the overall monthly gain to $435 million.
For the month of August, personal income taxes were up $135 million ($114 million net); sales taxes revenues added $103 million ($77million net); and corporate incomes taxes grew $44 million ($35 million net of refunds and distributions to the Local Government Distributive Fund). The remaining state taxes increased a combined $99 million as follows: growing from miscellaneous sources (up $48 million); interest income (up $24 million) inheritance taxes (up $10 million) insurance taxes (up $8 million); corporate franchise taxes (up $5 million) public utility taxes (up $5 million) and cigarette taxes (up $ 1 million). Liquor taxes were down $2 million compared to August of 2021.
An $88 million decline in August transfers offset part of the gains from state taxes. Cannabis transfers were up $4 million for August, meanwhile miscellaneous transfers fell $53 million primarily due to the timing of Capital Projects Fund transfers. Lottery and gaming fund transfers fell $35 million and $ 4 million respectively.
Base federal sources increased $18 million in August. Read the full report here.