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Capitol Fax.com - Your Illinois News Radar » Pritzker signs fixed budget bill


Press release…
After speaking to the investments made possible by the FY22 state budget this morning, Governor JB Pritzker signed Senate Bill 2017, the FY22 Budget Implementation Act, as well as the certification of the General Assembly’s concurrence on Senate Bill 2800, the state’s spending plan.
“By signing the state budget today, Illinois is taking a giant step forward, toward true fiscal stability,” said Governor JB Pritzker. “We balanced the 2022 fiscal year budget independent of the American Rescue Plan, by working together with tireless lawmakers who went up against the challenges of a global pandemic and passed a budget that meets the moment. Together, we are putting Illinois on the right track.” ....

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New York Budget Raises Tax Rates, Provides Relief to Address Pandemic | Pillsbury Winthrop Shaw Pittman LLP


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New York’s Fiscal Year 2022 budget increases taxes on corporations and high earners and provides relief to pandemic-hit industries.
TAKEAWAYS
Temporary increased rate for and extension of the capital base tax through 2024.
Elective pass-through entity tax to circumvent federal state and local tax deduction cap.
The New York Legislature passed New York State’s Fiscal Year 2022 budget (Budget Bill) on April 6 and 7, 2021. The Budget Bill now awaits Governor Cuomo’s signature, which is expected this week. Under the New York Constitution’s Executive Budget process, the appropriations provisions included in the Governor’s original proposed budget became law immediately upon being passed by the Legislature. If Governor Cuomo takes no action, the entirety of the bills will become law ten days after being passed by the Legislature. ....

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