Officials at the University of Illinois say they're worried about the expiration of the state's temporary income tax hike, set to roll back partially in the New Year.
The reduction could spell $70 million dollars less for U of I next year. During his re-election campaign, Governor Pat Quinn said he thought he could persuade lawmakers to extend the 2011 income tax hike it in November or December. But Quinn was defeated by Republican Bruce Rauner last week, and Rauner says he wants to reduce the tax over time.
At a U of I Board of Trustee meeting in Chicago Thursday, the University's Board Chair Chris Kennedy asked about consequences of the tax's sunset.
Kennedy: "Can you explain what happens if the income tax is not dealt with in the veto session."
Knorr: "That would end up being about a 10.6 percent cut or impact on us, which would be about $70 million dollars, basically..."
Kennedy: "About what?"
Knorr: "70. $70 million."
Kennedy was asking Chief Financial Officer Walter Knorr, who said the state's pension debt is also taking a toll on the University.
Quinn also stopped by to give a last appeal for extending the hike.