May 15, 2026 State Capitol Report
Both the House and Senate were in session this week. Illinois REALTORS® has worked hard over the last few months to defeat a plethora of bad legislation so there was only one bill posted for committee this week that we opposed, which was Amendment 1 of Senate Bill 343. The bill amends the Illinois Antitrust Act to make it unlawful for competing landlords to control rental prices, coordinate rental fees and coordinate other residential leases. The language in this amendment comes from RealPage, the private software company that provides algorithmic rental information for rental property. REALTORS® oppose this amendment as it shifts liability for antitrust violations onto end users who use the software. With embedded AI now a part of many of these software platforms, most end users wouldn’t even know if algorithms used in the software were engaging in price fixing, yet the end user could potentially be held in violation of the Illinois Antitrust Act just for using or subscribing to a software platform. The amendment was passed by the Senate Executive Committee and is waiting for Senate floor action, however your statehouse team is currently working with the bill sponsor to remove the language that implicates end users. We are also working to defeat the bill in the House should it pass the Senate.
BUILD Plan Update
Productive conversations continue to take place on the BUILD Plan so stay tuned for more in the coming weeks!
Revenue Estimates
Besides creating new law, another main function of the Illinois General Assembly is approving a state budget, which determines how state funds are raised and spent on agencies, schools, infrastructure, and public services. The House and Senate revenue committees heard testimony this week from the Department of Revenue and the Commission on Government Forecasting and Accountability (COGFA) regarding updated fiscal projections. For FY2026, the Governor’s Office of Management and Budget (GOMB) now projects revenues will exceed the original estimate by $376 million, while COGFA’s forecast is even more optimistic, projecting an additional $611 million. At this time, there has been no indication whether these additional revenues will prompt a supplemental appropriation for FY2026 or how the funds might ultimately be allocated.
For FY2027, GOMB has revised its revenue forecast downward by $173 million, bringing the total estimate to $55.9 billion. Excluding the Governor’s proposed tax changes — including the social media fee and the extension of the net operating loss (NOL) limitation — the base revenue estimate would stand at $55.2 billion, representing a 1% decline from FY2026.
COGFA posted their presentation and report online. GOMB’s updated numbers are here.
Next Week
Both the Senate and House will be in session next week. The Senate comes in on Monday and will be in session starting on Tuesday, and both have scheduled session until next Friday, May 22. They will break for Memorial Weekend and return on Memorial Day, meeting every day until May 31. Meetings and conversations will continue on the BUILD Plan.
