PUBLIC TRANSIT PACKAGE:
Not passed

The Illinois General Assembly adjourned the Spring Legislative Session at 1:30 a.m. this morning . Prior to the May 31 deadline, the House and Senate passed the FY 26 State Operating Budget. The budget package includes the following:

HB 1075, BIMP- Creates the Fiscal Year 2026 Budget Implementation Act. Makes changes to existing statutory provisions to implement the State budget for Fiscal Year 2026.

HB 2755, Revenue Omnibus- This bill raises $880 million in new revenues. Several items will create significant tax liabilities for Illinois businesses.

• Includes, over $350 million in new, income tax increases that limit the 80/20 exemption
• Reduces the GILTI income tax deduction
• Changes related to combined apportionment. I
• Creates a new sports wagering tax
• Expands the State’s hotel-motel tax to short-term rental platforms
• Increases and expands several tobacco product taxes
• Creates a new telecommunications surcharge
• Imposes several new EPA (environmental) fee increases. T
• Tax Amnesty programs and many provisions of the FY26 Economic Development package were also included. 

HB 3374, Bond Authorization-The Bond Authorization Act of 2025. Amends the State Finance Act, the General Obligation Bond Act, and the Build Illinois Bond Act. Makes changes concerning the amount of bond authorizations.

SB 2510, FY26 Budget Appropriations-Makes appropriations and reappropriations for capital and operating expenditures and other purposes for State Fiscal Year 2026. The budget contains $55.4 billion in revenues and a $55.2 billion spending plan.

END OF SESSION TRACKING REPORT:
ICPAS Government Relations has curated End of Session Bills in play. See the End of Session report for additional information here.