(SPRINGFIELD) There’s a lot more to the newly enacted law eliminating Illinois’ grocery tax, which will not take effect until 2026. Most all of our downstate lawmakers voted against the plan because local governments will be able to impose a new grocery tax or increase other sales taxes, not by voter referendum, but rather through an ordinance, which would then take effect immediately. It’s estimated that when the statewide tax is eliminated in 2026, that will be some $420 million less going from the state to local governments.
(SPRINGFIELD) A new Illinois law now allows parents who do not use all the money in an Illinois 529 College Savings Account to roll over the funds into a Roth IRA. The option is possible because Congress approved a measure back in December 2022 changing Section 529 of the Internal Revenue Code to authorize the tax and penalty free rollovers, although some limitations do apply. In turn, the Illinois General Assembly also approved the change.
(SPRINGFIELD) The 2024 Illinois State Fair is getting ready to start this week in Springfield with the fairground gates to open at 7:00 this coming Thursday morning, which is County Fair & Horse Racing Day. Nearly all of the 71 statewide local county fair queens are expected on the fairgrounds, plus it will be the first day of harness racing at the Fair’s one-mile dirt track, which is the fastest in the world. That evening will be the annual Twilight Parade, starting at 5:30, running from Lincoln Park to the fairgrounds. Then Friday is Agriculture Day with all of the state’s agriculture highlights on display. With the fairgrounds open from 7:00 each morning to midnight each day, parking is $5 per day with the admission free for children ages 12 & under, $5 per adult Monday thru Thursday, $10 per adult on Fridays and Saturdays, and $3 for seniors age 60 & older, plus there are free & discount admission days four days next week. Stay up-to-date online at the statefair.illinois.gov website.