Illinois approves historic FY2027 budget with social-media and crypto taxes

Illinois lawmakers approved a FY2027 budget totaling about $56 billion—the largest in state history—funding K-12 education and local governments while raising revenue with taxes on social-media platforms by Illinois users, digital assets, fantasy sports, tobacco and sports betting on prediction markets, and a digital advertising tax that may face court challenges; the package delays a gas tax increase, adds a school-supplies sales tax holiday, and creates a one-time $400 SNAP payment under FRESH. Republicans criticized the rushed passage, while Democrats defend amid federal cuts. The plan relies on fund sweeps and includes a roughly 3% pay raise for lawmakers, with full funding of pensions and targeted property-tax relief, though some education funding increases are below inflation.