Breaking News Bar
updated: 6/4/2014 7:19 AM

Moody's: Lost tax revenue could hurt Illinois' rating

hello
Success - Article sent! close
 
Associated Press

SPRINGFIELD -- A bond rating agency has announced that Illinois' financial rating could take a hit if lawmakers don't extend an income tax increase scheduled to roll back in January.

Moody's Investors Service released a statement Tuesday that says allowing the tax rate to drop might force more borrowing and continued overdue bills.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

The state's income tax is set to decrease from 5 percent to 3.75 percent this winter, leaving a $1.8 billion revenue hole. State lawmakers failed to pass a tax extension before finishing their spring session last week.

The report also says it would reverse much of the financial progress made in the state with the nation's worst credit rating. Since 2011, the state has used a $26 billion increase in revenues to address pension payments and unpaid bills.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.
    help here