(Bloomberg) -- Illinois’s budget for the year starting July 1 may not need cuts as deep as feared just a few weeks ago as negotiations continue on Friday, according to a spokesman for Governor J.B. Pritzker.

The state’s top legislators and Pritzker’s administration are still hammering out details for the fiscal 2025 budget. Earlier this month, the administration was asking state agencies to prepare $800 million of budget cuts amid pushback to the second-term Democrat’s proposed tax increases on some businesses.

“Conversations with the General Assembly are progressing, and we are in a place where significant cuts will not be required. We hope to have more info soon,” Alex Gough, a spokesman for Pritzker said in an email on Friday afternoon.

In February, Pritzker had proposed a nearly $53 billion budget for the upcoming year that would increase levies on sports betting, extend caps on corporate tax deductions and limit sales tax retailers’ discounts.

On Friday afternoon, the timing of the votes for the budget in both chambers of the Illinois General Assembly was still unclear. The state House and Senate had been scheduled to adjourn at the end of Friday but had kept additional dates on hand that they can add on through May 31, the deadline by which the budget can pass with a simple majority.

Passing budgets on time has been among fiscal priorities for state leaders given memories of the budget impasse from 2015 through 2017 linger in the minds of taxpayers, watchdogs and investors.

Read: Illinois’ $1.8 Billion Bond Sale to Lure Buyers Drawn to Upswing

 

©2024 Bloomberg L.P.