Illinois Insights: An update from Cozen O’Connor (1/15)

ILLINOIS

AROUND THE STATE

Illinois doubled private investments, quadrupled retained jobs in 2024 

“Illinois doubled private investments in the state, as well as investments in clean energy, and quadrupled the number of retained jobs in 2024, the Illinois Department of Commerce and Economic Opportunity said this week. Private investments in the state increased from $6.3 billion in 2023 to $12.5 billion in 2024, and investments in clean energy jumped from $2 billion to $4 billion,” by the Chicago Business Journal.

While deficit looms in next year’s budget, current-year revenues remain on track 

“Revenue returns remain on track halfway through Illinois’ budget year, though it’s next year that is causing concern in the Capitol. The Governor’s Office of Management and Budget projects a $3.2 billion deficit for the fiscal year that begins July 1, and the number one task facing Gov. JB Pritzker and the new General Assembly that was seated last week will be to eliminate it,” by Capitol News Illinois.

Illinois Shelter Alliance calls for $100M state funding boost to fight homelessness 

“With homelessness increasing in Illinois, a coalition of shelter providers and advocates is calling for a $100 million increase in state funding to prevent homelessness and provide shelter to people without homes. That would come on top of the $290 million the state is spending this year on homelessness services,” by Capitol News Illinois.

Illinois launches portal to simplify searching for youth mental health resources 

“Illinois has formally launched a comprehensive behavioral health portal, built by Google, and bringing together support and services from six state agencies and numerous health organizations, Gov. J.B. Pritzker announced today. The portal, called the Behavioral Health Care & Ongoing Navigation, or BEACON, is the brainchild of the state’s Children’s Behavioral Health Transformation Initiative and its chief officer, Dana Weiner,” by Crain’s Chicago Business.

IL Democratic lawmakers file bill requiring safe firearm storage, stolen gun reporting 

“Illinois Democratic lawmakers have reintroduced a plan to improve gun storage across the state. The legislation also includes requirements for reporting lost and stolen firearms. Senate Bill 8 could ban people from storing or leaving a gun outside an owner’s possession or control unless it is unloaded and secured in a lock box,” by WAND-TV.

CHICAGO

MORE FROM CITY HALL

S&P downgrades Chicago’s credit rating — and the mayor pushes back 

“Citing the structural imbalances in the city’s recently approved 2025 budget and the expectation the 2026 cycle will be challenging, S&P Global Ratings downgraded Chicago’s credit rating today. “The downgrade reflects our view that the 2025 budget leaves intact a sizable structural budgetary imbalance that we expect will make balancing the budget in 2026 and outyears more challenging,” S&P credit analyst Scott Nees said in a press release,” by Crain’s Chicago Business.

1st elected Chicago Board of Education sworn in as CPS faces budget shortfall 

“Chicago Public Schools officially has new leadership. The district’s 21-person hybrid board was sworn-in during a meeting Wednesday morning. Eleven of the members were newly handpicked by Mayor Brandon Johnson while ten others were elected by voters, a very first for the district. One of the board’s first orders of business is to elect a new vice president. One of Mayor Brandon Johnson’s appointees, Olga Bautista, was elected by the board to serve as vice president,” by ABC 7 Chicago.

RTA proposes more bus and train service, fare hikes and stronger central agency as lawmakers prepare to debate future of transit 

“Overseeing the efforts would be a stronger RTA that would coordinate fares, service and construction projects among city and suburban bus and train agencies, he said. Paying for it would involve $1.5 billion for Chicago-area transit. Included in the $1.5 billion would be fare hikes and savings from the new transit oversight model. In a City Club appearance, Dillard was to call for the authority to levy regional taxes or fees. Making up the balance of the funding would be more state money,” by the Chicago Tribune.

Effort to weaken ‘welcoming city’ protections thwarted at City Council

“An effort to weaken the city’s Welcoming City ordinance to allow Chicago Police officers to coordinate with federal immigration officers failed in the City Council today without being put up for a vote. An ordinance pushed by Ald. Ray Lopez, 15th, and Ald. Silvana Tabares, 23rd, was blocked through a parliamentary move to thwart the measure from being considered by the City Council in a 39 to 11 vote,” by Crain’s Chicago Business.

Bally’s seeking lucrative property tax break for Chicago casino  

“Bally’s Chicago is seeking a lucrative property tax reduction at its future casino along the Chicago River, placing a bet that City Hall will approve the incentive rather than risk delaying the development. The gambling company won Chicago’s sole casino license in 2022 under former Mayor Lori Lightfoot and will soon complete the demolition of the former Tribune Publishing plant, paving the way for a $1.7 billion casino and hotel project that Bally’s will claim needs a reduction in its tax rate for 12 years in order to pencil out,” by Crain’s Chicago Business.

FEDERAL

Cozen Currents: Shock and Awe

President-elect Trump is looking to make a splash on Inauguration Day with plans to sign up to two dozen executive actions in the hours after his official swearing in ceremony.

While Republicans control both chambers of Congress, that doesn’t mean that they necessarily have unified interests in terms of either legislative process or substance.

As the US’s competition with China has increased in recent years, the executive branch has adapted, with the Commerce Department rising in importance relative to the Treasury Department.Read the Cozen Currents here.

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