IVCA Provides Updates for State Legislative Issues – 05/13/2026

IVCA Illinois Legislative Report
David Stricklin , IVCA Legislative Liaison , Stricklin & Associates

RESTRICTIONS ON PE FACE DEADLINE PRESSURE

Several bills which would restrict or prevent or tax private equity activity have been churning through the legislature this session. The one most likely to make it to the finish line was originally positioned to keep PE out of investing in law firms. The words “private equity” were removed and the bill has been subsequently amended to be less restrictive, but the advocates continue to use PE as a pejorative and so the news coverage will likely do the same when referring to HB 5487. Several other bills which address PE investment in single family housing have a Friday deadline to be heard and are unlikely to move ahead.

And while the Illinois House passed the “megaprojects” bill which includes the Chicago Bears, the Illinois Senate believes much more work needs to be done. One of the best negotiators in the Capitol, and an ally of the IVCA, is Senator Bill Cunningham:

* Fox Chicago | Video: Illinois lawmaker on megaproject bill, AI regulation: State Sen. Bill Cunningham (D-Chicago) spoke with us about a number of key issues in Springfield, including the status of the megaprojects bill key to a new Bears stadium and another bill to put more regulations on AI models.

BUDGET

The $64,000 question – maybe $64 billion question – at this time of year is what gets included in the budget and what taxes, fees or other revenue sources get included to pay for it. There is a group called the Progressive Revenue Alliance which repeatedly calls for higher taxes on wealth including a tax on “billionaires”. These proposals were given a hearing in committee without being called for a vote, and the likelihood that any are included in the final budget package are somewhat slim, but momentum could build in future sessions and should be watched closely Billionaire Tax and Other Revenue Raisers.

The Illinois Department of Revenue and the Commission on Government Forecasting and Accountability are in committees today explaining how much revenue they expect to be available for FY 27 which begins July 1. The legislature has a deadline of May 31 to produce a budget and send it to the governor with only a simple majority vote. History tells us the budget will be on the floor in the early hours of May 31 and will pass with most Democrats in favor and all Republicans opposed.