"FULL FAIR CASH VALUE" IN THE 1945 ILLINOIS ASSESSMENT EQUALIZATION PROGRAM

Abstract

The estimated cost of the plan in the six states now paying or about to pay the bonus is $863 million. Individual state commitments are about as follows: New Hampshire, $4 million, Vermont, $4 million; Rhode Island, $20 million; Massachusetts, $180 million; Michigan, $270 million; and Illinois, $3 85 million. The defeated bonus in Maine would have cost around $16 million, and the proposed constitutional amendment in New York contemplates an outlay of some $400 million. Including the proposed expenditure in New York, presently estimated cost of the program in the seven states is $1,263 million. The magnitude of the figure is emphasized by a comparison with total state tax collections, including local shares, for the year 1925 which amounted to $1,305 million and for the year 1933 when the total was $1,724 million. Two of the bonus programs (Illinois and Maine) voted on by the electorate were accompanied by tax programs designed to finance the bonds issues, while in Rhode Island and Michigan no specific financial plans were submitted. The failure of the Maine voters to approve the proposal has been attributed to dislike for the accompanying taxes but this proved no deterrent in Illinois.