Budget & Taxes (State Budget)

Amends the State Finance Act. Provides that, beginning in 2026, the Governor's Office of Management and Budget shall, at the time set forth for the submission of the State budget under the State Budget Law, provide to the Chairperson and the Minority Spokesperson of each of the appropriations committees of the House of Representatives and the Senate, as well as to the Commission on Government Forecasting and Accountability, a report of (i) all full fiscal year transfers made among line-item appropriations under a specified provision of the Act in the previous fiscal year and during the current fiscal year to date, and (ii) all projected full fiscal year transfers to be made among line-item appropriations under that provision for the remainder of the current fiscal year and the next fiscal year, based on estimates prepared by the Governor's Office of Management and Budget. Provides that the report shall include a detailed summary of estimates upon which projected line-item transfers are based. Effective immediately.

Appropriates $2 from the General Revenue Fund to the Office of the State Appellate Defender for its FY26 ordinary and contingent expenses. Effective July 1, 2025.

Appropriates $628,298,600 to the Supreme Court for the ordinary and contingent expenses of the judicial system and various judicial programs. Effective July 1, 2025.

Makes appropriations for the ordinary and contingent expenses of the Department of Innovation and Technology for the fiscal year beginning July 1, 2025, as follows: General Funds $291,142,900; Other State Funds $768,869,700; Total $1,060,012,600.

Amends the State Budget Law of the Civil Administrative Code. Provides that, beginning with the budget prepared for Fiscal Year 2027, the rate of growth of appropriations from the State general funds over the preceding fiscal year appropriations from the State general funds shall not exceed the rate of growth of the Illinois economy. Provides that the rate of growth of the Illinois economy is the compound annual growth rate of the gross domestic product in the State over the preceding 10 calendar years, calculated using data reported by the United States Bureau of Economic Analysis or its successor agency before the December 31 that immediately precedes the beginning of the applicable fiscal year.

HB 3920 is a funding bill that allocates specific sums from various state funds to the Office of the State Treasurer for fiscal year 2026 (July 2025-June 2026). It provides $17.2 million for operational costs, $1 million for tax interest refunds, $26.2 million from pension funds, and $3.7 billion for bond payments covering programs like transportation, schools, and pollution bonds. Additional funds support the Treasurer’s building maintenance ($500,000), higher education savings program ($2.5 million), and charitable trust administration ($1 million). The bill directly affects the State Treasurer’s office and its ability to manage state finances, with all funds designated for existing programs and operations.

Creates the Revenue Estimate Act. Provides that the General Assembly shall not enact any bill to appropriate funds within any fiscal year prior to its adoption of a joint resolution reflecting the estimate of funds available for that fiscal year as required under the Commission on Government Forecasting and Accountability Act. Effective immediately.

Amends the Budget Law of the Civil Administrative Code of Illinois. Provides that, beginning with budgets prepared for fiscal year 2027, revenue estimates shall be based solely on receipts from taxes, fees, and federal transfers and shall not include debt incurred, existing debt refinanced, or additional funds appropriated, assigned, or transferred from another fund. Provides that appropriations for a fiscal year shall not exceed revenue estimated by the General Assembly to be available during that year. Provides that, except for deficiency or emergency appropriations, all appropriations are expendable only during the fiscal year for which they were appropriated, except that the General Assembly may provide for appropriations from the Budget Stabilization Fund in excess of revenue estimated by the General Assembly to be available during that year by adoption of a resolution approved by a record vote of three-fifths of the members of each chamber. Provides that the excess appropriations may not exceed the total amount available in the Budget Stabilization Fund. Provides that no public money shall be expended except pursuant to appropriations made by law. Provides that expenditures for any fiscal year shall not exceed the State's revenues and reserves in the general funds, including proceeds of any debt obligation, for that year. Provides that no debt obligation, except as shall be repaid within the fiscal year of issuance, shall be authorized for the current operation of any service or program, nor shall the proceeds of any debt obligation be expended for a purpose other than that for which it was authorized. Provides that any law requiring the expenditure of funds shall be null and void unless, during the session in which the Act receives final passage, an appropriation is made for the estimated first year's funding. Effective immediately.

HB 4033 allocates state General Revenue funds to legislative support agencies to cover their operational costs, including research, drafting, and administrative services. This funding directly supports the agencies that assist state legislators in their day-to-day work. The bill takes effect on July 1, 2025, providing stable financial backing for these essential support functions.

Urges the creation via legislation of the Illinois Commission on Fiscal Responsibility and Reform, whose purpose shall be to examine the extent to which current practices of the executive agencies either conform to or fall short of established laws, regulations and best practices, and to determine the fiscal impact which the State realizes as a result of falling short of compliance with such practices.