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HB 4054

BUDGET-REVISE REVENUE FORECAST

104th Regular Session Introduced by Norine Hammond

Illinois bill revises state revenue forecast to adjust budget projections and fiscal planning for current fiscal year.

Referred to Rules Committee
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Bill Summary · HB 4054

Legislative bill overview

HB 4054 is an Illinois budget bill that revises the state's revenue forecast. The bill was introduced by Rep. Norine Hammond and is currently in early stages of the legislative process, having just been referred to the Rules Committee following its first reading.

Why is this important

Revenue forecasts are foundational to state budgeting—they determine how much money the state expects to collect and therefore how much it can spend on programs, services, and obligations. Revisions to forecasts can trigger significant changes to budget allocations, tax policy, or spending priorities across education, healthcare, infrastructure, and other areas that affect Illinois residents and businesses.

Potential points of contention

  • Direction of revision: Whether the forecast is being increased (potentially enabling new spending) or decreased (potentially requiring budget cuts or tax increases) significantly affects stakeholder reactions across different constituencies
  • Methodology and assumptions: How the revised forecast was calculated—including economic assumptions, tax collection projections, and federal funding expectations—may be disputed by fiscal analysts and competing political interests
  • Timing and urgency: The reason for a mid-year revenue forecast revision could indicate emerging fiscal problems or opportunities, which may prompt debate over whether immediate legislative action or contingency planning is appropriate

Compiled from official sources — confirm details with the bill’s official record.

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