“Rebuild Illinois” Imposes New Taxes and Fee Hikes
On June 28th, Governor J.B. Pritzker signed the $45 billion capital bill known as the “Rebuild Illinois” plan. The $45 billion capital bill will be used to fund infrastructure, education, environment/conservation, health care, and community and economic development projects throughout the state.
A portion of the funding for the Rebuild Illinois plan will come from $2.4 billion in new taxes and fee hikes on Illinois residents, which became effective July 1st. The new taxes and fee hikes will have a significant impact on both individuals and businesses.
Specifically, the new taxes and fee hikes include increasing the gas tax from 19 cents to 38 cents-per-gallon, increasing the tax on a pack of cigarettes from $1.00 to $2.98 per pack, the establishment of a 15% tax on the wholesale price on e-cigarettes, and significant increases in motor vehicle title registration fees.
For more information on how the “Rebuild Illinois” plan affects you or your business contact the attorneys at Rock Fusco & Connelly, LLC.