Gov. Pat Quinn has signed legislation that will give Illinois residents the opportunity to voice their opinion on whether millionaires should pay a little more to help ensure all students have access to a high-quality education.
The legislation establishes a statewide advisory referendum on the Nov. 4 ballot to ask voters if they favor a surcharge paid by the state’s wealthiest individuals to provide funding for public education in classrooms across Illinois.
“Our democracy is strongest when more voters make their voices heard about important matters of public policy,” Governor Quinn said. “Illinois voters will now be able to have their say when it comes to whether the state’s most fortunate should pay a little more to put more resources in our classrooms. An investment in education is the best investment we can make for our economic future.”
House Bill 3816 creates a Nov. 4 advisory referendum to ask voters whether the Illinois Constitution should be amended to require that each school district receive additional revenue, based on their number of students, from an additional 3 percent tax on income greater than $1 million. These resources would be directed toward classroom education. The legislation is effective immediately.
The Illinois Department of Revenue estimates a 3 percent tax on income greater than $1 million would generate approximately $1 billion annually for elementary and secondary education.