Ford Advances Millionaire Amendment to Support Schools, Deliver Property Tax Relief

SPRINGFIELD, Ill. – State Rep. La Shawn K. Ford, D-Chicago, advanced a proposal out of a House committee Tuesday that would give voters an opportunity to institute a 3% surtax on income over $1 million and deliver billions to schools and homeowners in property tax relief.

“This would be a meaningful step forward to strengthen our schools, make life more affordable and ensure our state can continue to be a great place to take root in and succeed,” Ford said. “We’ve already seen support from residents in similar ballot advisory questions, it’s time to put working families first and make this change a reality.”

At a press conference held Monday in support of the amendment, former Governor Pat Quinn criticized Illinois’ regressive tax code, saying it disproportionately hurts working- and middle-class families. He said, “Illinois has an unfair tax code—one of the worst in the country. It’s an upside-down system that gives tax breaks to millionaires while placing higher property taxes on everyday people trying to stay in their homes or buy one.”

Ford on Tuesday led committee passage of House Joint Resolution Constitutional Amendment (HJRCA) 21. The proposed amendment would implement an additional 3% surtax on the portion of an individual taxpayer’s net income over $1 million. Of the revenue collected, 50% would be used for property tax relief and 50% would be distributed to school districts on a per pupil basis.

Based on data from the state’s Commission on Government Forecasting and Accountability (COGFA), a 3% surtax based on 2023 return data would have generated $2.2 billion. COGFA data also shows that the state added more than 12,000 new millionaires from 2016 through 2023.

“Illinois is a great place to succeed, and we want to open more doors for more people,” Ford said. “This amendment would make Illinois stronger and put us on a better path forward. Let’s give voters a voice this fall.”   

HJRCA 21 now moves to the full House for consideration.

For more information, please contact RepFord@LaShawnFord.com.