McLean County Times

The Illinois House is back in session in Springfield next week with a lot of work to do. As reported, the average price of gasohol in Illinois has surged 26.4 cents per gallon over the past month due to the transition to more expensive motor fuel mixtures. Market watchers attribute this increase to the annual switch from 'wintertime blends' to pricier fuel mixtures mandated in Chicago and St. Louis during warmer months.

In addition to rising gas prices, Illinois residents are also facing potential tax hikes. Governor Pritzker's FY25 budget proposal includes nearly $1 billion in new taxes on residents and businesses. The proposal involves continuing the inflation-ignoring cap that disconnects the income tax standard deduction from inflation, potentially costing hardworking Illinois families $93 million. Furthermore, changes to the deduction of net operating losses for businesses could raise their tax liability by $526 million in FY25. The budget also introduces a $200 million tax increase on earnings from sports wagering. These new taxes, if approved, will add to the existing burden of local property tax increases, positioning Illinois as one of the top 10 states in the nation with the highest tax burdens.

On a brighter note, Illinois boasts impressive agricultural achievements, being the leading producer of soybeans, pumpkins, and horseradish in the country. Additionally, this week marks the beginning of Invest in Veterans Week, a time to honor and support veteran-owned businesses. As the week kicks off, it is encouraged to show appreciation and patronage to these businesses owned by our armed forces veterans.