Illinois Voters Approve 3% Tax on Incomes Over $1 Million, Garnering 60.3% Support for $4.5 Billion in Property Tax Relief

Nov 6, 2024, 08:40 PM

Illinois voters have shown strong support for a proposed referendum that would impose a 3% tax on individual incomes exceeding $1 million, aimed at funding property tax relief. With approximately 90% of votes counted, 60.3% of voters approved the nonbinding proposal, which is expected to generate an estimated $4.5 billion annually. This initiative is part of a broader movement to increase taxes on the wealthiest residents of Illinois, as indicated by the favorable results in one of three statewide advisory referendums. The outcome may pave the way for future legislative efforts to implement such tax measures.