Illinois Gov. JB Pritzker’s budget proposal includes $800 million in tax increases, largely for corporations, sportsbooks

SPRINGFIELD, Ill. — Facing a tighter budget outlook, Democratic Gov. J.B. Pritzker on Wednesday unveiled a $52.7 billion election-year spending plan built on more than $800 million in tax increases that would largely fall on businesses, from large corporations to state-regulated sportsbooks.

In his sixth budget proposal, Pritzker also laid out a long-term plan to manage the state’s massive pension debt by increasing the funding target to 100% from 90% and extending the payment deadline for three years, to 2048.

To address a projected deficit as anticipated revenue growth slows, Pritzker is proposing to more than double the state tax on sports wagers — paid by sportsbooks out of their post-payout