During a stop in Rock Island on Thursday, Illinois Governor JB Pritzker outlined how his FY 2023 balanced budget proposal will provide the QC regional economy with more stability and predictability – two elements essential for the success of businesses and residents.
During a press conference hosted by the Quad Cities Chamber at the Quad Cities Botanical Center, Gov. Pritzker said the State of Illinois will end its 2022 fiscal year with a $1.7 billion surplus. “We’ve had great receipts from State revenue sources, our state economy is ahead of where it was in 2019 now, and we are seeing a lot of new dollars in corporate income tax, individual income tax and sales tax to the state. Those surplus funds ought to go back to the residents of our state,” he said.
“We want to offer $1 billion in tax relief to Illinois taxpayers right now,” he said, adding every business and person in the state is feeling the hit of inflation and rising food and gas prices. Within his Family Relief Plan, Gov. Pritzker has proposed a one-time property tax rebate of up to $300, which will benefit up to 2 million Illinois taxpayers. The plan also freezes the state tax on groceries beginning July 1.
“That will put $360 billion back into the pockets of Illinois residents and we will freeze the gas tax this year, holding the rates flat at the pump and putting $135 million back into people’s pockets without delaying any of the projects funded by the motor fuel tax fund. That is important because we need to keep rebuilding Illinois,” he said.
Gov. Pritzker also proposed $35 million in new capital appropriations to Rebuild Main Streets & Downtown Commercial Corridors, a capital grant program that promotes new investment and jobs in communities such as Rock Island. In fact, Downtown Rock Island, an affiliate of the Quad Cities Chamber, has applied for a $3 million grant to re-energize the city’s core with streetscaping and placemaking initiatives.
“It opens doors for much-needed investment into commercial corridors and can certainly help the Quad Cities,” Gov. Pritzker said. “Whether it is supply chain issues or rising ecommerce costs or global oil prices, we can’t pick the ways this pandemic affects our lives. What we must do as a government is to soften the impact however we can and in whatever ways we can,” he said.
“At this moment when we have inflation at a rate we haven’t seen decades, it is important for us to provide that relief. It is because we’ve done a good job reining-in spending and making sure our economy is growing that we have the revenue and are able to do this,” he said.
Rhonda Ludwig, the Chamber’s Director of Government Affairs, said Gov. Pritzker’s budget proposals would benefit families and residents, “and trickle down to businesses as well. People would be able to go out more, buy some things they need and want. His proposals can provide some economic relief to our businesses and residents,” she said.
Ludwig noted some of Gov. Pritzker’s proposals align with the Chamber’s advocacy priorities. "The increase in funding for MAPS is a great way for students to receive an education in our region. Our businesses can glean talent from this area to keep young people here and continue to grow an excellent workforce.”
Ludwig said the Chamber is excited for $35 million in new capital appropriations to Rebuild Main Streets and Downtown Commercial Corridors because it will promote new investment and bring jobs to our communities.
“We would like to hear Gov. Pritzker say more about how businesses are going to receive some relief,” Ludwig said. “For example, we would like to see ARPA dollars used to pay the debt of unemployment funds. Businesses cannot shoulder this burden by having their tax rates increased to repay the fund. They have experienced two full years of one downfall after another.”
Gov. Pritzker said he is doing all he can to support the Quad Cities Chamber and chambers across the state as they talk to businesses about why they should open in Illinois. “There are so many businesses thinking about moving to another state and planting their capital. We can tell them we have the best people in the country, often the best trained, and the best education system. Illinois is a place you can make a buck if you want to move your business here and invest for the long run,” he said.
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