Illinois lawmakers remove key obstacle in efforts to build Chicago casino
Sunday, May 24, 2020 11:33PM
The Illinois House passed a $40 billion budget and approved legislation to change the tax structure to allow for a casino in Chicago.
CHICAGO (WLS) -- A special session in Springfield wrapped up around 2:30 a.m. on Sunday.
The Illinois House passed a $40 billion budget and approved legislation to change the tax structure to allow for a casino in Chicago.
RELATED: Illinois House passes $40 billion budget relying heavily on federal funding (see below)
Almost from the moment last year's gaming bill was approved, casino owners argued the tax structure that had been established for Chicago was simply too onerous.
"If there is a jackpot. It's going to be a jackpot way down the road," said ABC 7 Political Analyst Laura Washington.
It has been more than two months since the state's casinos have gone dark.
There is no guarantee that people will want to go back in large numbers until there is a vaccine. But Saturday night, in a historic special session, the Illinois Legislature removed a key obstacle in Chicago's decadeslong ambition to open a casino of its own.
"The virus is driving a lot of things happening in Springfield legislatively. There is a great financial need. There's a bunch of holes that need to be filed and legislators and the mayor are looking everywhere to fill them," Washington said.
A Chicago-based casino is seen as a potential boon- creating jobs within the city, providing much needed revenue to meet its pension fund responsibilities but also providing desperately needed money to fund the state as a whole.
"We're going to have a funding source for the vertical capital, which means, when we talk about capital we're talking about buildings, structures, parks. This is the main funding source for that," said State Rep. Bob Rita, a Democrat who represents Blue Island.
It may be years before these funds materialize however.
Republican lawmakers want to know where the state is going to get the money to pay for the $40 billion budget passed over the weekend. It is a budget that is slightly higher than last year, even in the wake of tremendous pandemic-driven revenue losses.
"This is all in the frame of a vastly increased need of families across the state," Pritzker said. "We're going to have to revisit our budget if the federal government doesn't come through."
The budget also includes up to $5 billion dollars in loans the governor hopes to pay off with additional aid from the federal government. There is no guarantee however that money will come, and if it does, what strings might be attached to it.
Above is from: https://abc7chicago.com/politics/historic-legislative-session-clears-obstacle-for-chicago-casino/6209065/
********************************************************************************************************************************************************8
Illinois House passes $40 billion budget relying heavily on federal funding
Sunday, May 24, 2020 11:59PM
The spending plan would let the state borrow up to $5 billion from the Federal Reserve.
SPRINGFIELD, Ill. -- The Illinois House passed a $40 billion state budget late Saturday that relies heavily on federal funding.
The budget passed on a largely party-line vote of 68-44.
The spending plan would let the state borrow up to $5 billion from the Federal Reserve.
State officials are also waiting to see how much spending flexibility they have for the billions in federal aid the state already received.
The spending plan for the budget year that begins July 1 now heads to the Governor.
"This budget begins to address the financial upheaval we are facing, but more hard choices about how to spend and save these dollars wisely remain to be made," Gov. JB Pritzker said in a statement.
The House also passed legislation Saturday pushed by Mayor Lori Lightfoot to change the tax structure for a casino in the city.
Mayor Lightfoot said in a statement, "This is a critical step toward shoring up our city's pension obligations as well as driving huge levels of infrastructure funding and fueling thousands of new jobs for all of Illinois."
WLS contributed to this report.
Above is from: https://abc7chicago.com/politics/illinois-house-passes-$40b-budget-relying-on-federal-funding/6208063/
No comments:
Post a Comment