BERWYN – Gov. Pat Quinn chose Irving Elementary School in Berwyn Tuesday to sign legislation that will give Illinois residents a chance to voice their opinion on whether millionaires should pay more to help bolster the education budget.
The legislation establishes a statewide advisory referendum on the Nov. 4 ballot to ask voters if they favor a surcharge paid by millionaires to provide funding for public education in Illinois.
Quinn said Illinois voters will now be able to have their say when it comes to whether the state’s more fortunate should pay more.
House Bill 3816, sponsored by Illinois House Speaker Michael Madigan (D-Chicago) and State Senator Michael Noland (D-Elgin), creates a Nov. 4, 2014 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 towards classroom education. The legislation is effective immediately.
The Illinois Department of Revenue estimates that a three percent tax on income greater than $1 million would generate approximately $1 billion annually for elementary and secondary education.