Aquino leads the passage of a fiscally responsible budget that supports working families


SPRINGFIELD – State Senator Omar Aquino (D-Chicago) led the way in passing the state budget for FY 23. Responsible management of the state’s finances allowed lawmakers to pass a fiscally responsible plan and channels resources to support working families’ recovery from high inflation and the COVID-19 pandemic.

“We are putting our fiscal house in order with a responsible approach that exceeds the state’s targeted financial obligations,” Aquino said. “But I am most proud of our work with my colleagues in crafting a budget that puts money back in working families’ pockets.”

Our legislative work also includes a plan to provide $1.8 billion in tax relief, including a property tax credit for homeowners and income tax refunds for working families. Also included is Aquino’s measure that permanently expands the Earned Income Credit, putting $100 million per year back in working families’ pockets.

“The Earned Income Credit is deemed one of the most effective anti-poverty policies. Therefore, I’m happy to report that we are expanding the EIC permanently to 20%,” Aquino said. “I’m honored to have led this measure that will contribute $100 million from low- to moderate-income families, providing genuine relief to the people who need it the most.”

The new budget also improves the state’s fiscal landscape by contributing $1 billion to the budget stabilization fund and making pension payments greater than law, saving taxpayers $1.8 billion.

The FY 23 budget was referred to the governor, who is expected to sign it.