Governor signs Illinois budget into law

CHICAGO, Ill. (KWQC) - Governor JB Pritzker today signed into law a $40.1 billion budget that, according to the governor, begins to pay down Illinois' debt and return the state to fiscal stability.
Pritzker signed the bill at the Thompson Center in downtown Chicago.

He says not only is the budget balanced, but it will also generate $150 million in surplus that will be targeted to pay down a portion of the state's remaining bill backlog.

The major components of the budget invest in education, healthcare, public safety, vital human services and criminal justice reform, while fully funding the state's pension contributions. The budget also includes business-friendly efforts such as phasing out the corporate franchise tax.

This budget will go into effect on July 1, 2019, the beginning of the state's 2020 fiscal year.