Illinois Governor Bruce Rauner has proposed reducing state income tax sharing to local governments by 50% in an attempt to address the state’s dire financial situation.
In the 2013-2014 fiscal year, Norridge received $1.4 million dollars from income tax sharing. A 50% drop would reduce that to $720,000.
Income tax sharing revenue varies, from a peak of $1.5 million in FY2012-2013 to a low of $942K in FY2009-2010.
The Village would have to reduce its spending or raise taxes as a result.