LIVE: Gov. Pritzker signs record $56 billion Illinois budget Tuesday

CHICAGO (WLS) -- Governor JB Pritzker is set to sign the new state budget Tuesday in Chicago.

Illinois lawmakers passed the record $55.9 billion balanced budget on June 1.

READ MORE | Illinois lawmakers pass $56B budget with new taxes on social media companies, crypto, fantasy sports

The budget totals $55.9 billion, supported by a similar amount of revenue. The spending plan included an $830 million supplemental current-year spending plan, meaning the upcoming fiscal year 2027 budget is essentially flat.

To get it across the finish line, Democrats - especially progressives - had to temper their expectations. Many had called for new progressive revenue measures throughout the session, including taxes on big corporations and billionaires and for Illinois to untie itself from parts of the federal tax code.

Instead, the measure freezes corporate net operating loss and taxes on social media companies, digital assets, fantasy sports, tobacco and sports betting on prediction market websites.

Capitol News Illinois contributed to this report.