IIlinois university presidents warn of perils if tax hike expires, education budget is cut - KERRY LESTER Associated Press

Illinois' public university presidents Thursday spelled out a doomsday scenario of cuts should the state's temporary tax increase expire as scheduled next January, a move they say would disproportionately affect the number of low-income students while others flee to schools outside the state. The state currently allocates $3.3 billion for higher education. But Illinois expects a $1.5 billion loss of revenue if the individual income tax rates roll back in 2015 from 5 percent to 3.75 percent and corporate rates drop from 7 percent to 5.25 percent. http://www.greenfieldreporter.com/view/story/6255879fbcd34c1c90bff18fc10b4ea1/IL-XGR--University-Funding