State Budget Address

Gov. Quinn's FY2011 State Budget Proposal

On March 10 Gov. Quinn delivered his state budget address to the Illinois General Assembly and IAR members can find links to the audio and PDF downloads of the proposed budget at www.budget.illinois.gov. 

The plan calls for budget cuts related to state employees and operations, pension reform, Health and Human Services and education funding.

Among the job creation proposals are:

• "Illinois Jobs Now!" capital improvement program for building roads, bridges, highways and schools.  
• Small business tax credit  for companies with fewer than 50 employees that would grant companies a $2,500 tax credit for every full-time job created in the next year.
• "Business investment packages" to retain jobs and solicit new jobs from private sector investment.
• Development of a high-speed rail corridor connecting Chicago to St. Louis.

To increase state revenues, the Governor's plan includes a one-percent income tax surcharge to support education.

Yesterday the Illinois Department of Employment Security released unemployment data for January showing the state's unemployment rate at 11.3 percent (up from 11 percent in Decemeber and higher than the 9.7 percent national unemployment rate for January.

Learn more about the link between jobs and the Illinois housing market from University of Illinois economist Geoff Hewings in his latest forecast prepared for the Illinois Association of REALTORS® in Market Stats of the IAR Web site.