The Illinois Senate sent 2018 spending bills to the governor Tuesday in an effort to end a budget impasse that threatens to ruin the state's credit rating.
The $5 billion legislation, which includes an income tax increase, was hastily passed by the Democrat-controlled legislature as Illinois teeters on the edge of a financial crisis, but Republican Gov. Bruce Rauner has vowed to veto it, according to multiple reports.
Illinois has limped along without a complete budget for two years and again missed passing a spending plan for its new fiscal year, which started July 1, threatening to make it the first state with a junk credit rating.
If the governor follows through with his veto threat, the state legislature could hold an override vote in the coming days. Democrats won over some Republicans and achieved a slim veto-proof majority in the state Senate, according to the Chicago Tribune.
The Democrat tax plan in the budget legislation would increase personal income tax rates from 3.75 percent to 4.95 percent and corporate income tax rates from 5.25 percent to 7 percent, the Tribune reported.