State lawmakers could vote next week on House Speaker Michael Madigan's "millionaire tax" proposal from last year.
Madigan's plan seeks to impose a 3 percent tax on income over $1 million, which would raise some $1 billion for schools each year, according to the Illinois House Speaker.
"I've believed for a long time that Illinois schools need and deserve greater resources to help give students the best education possible, and that more needs to be done," Madigan said in a statement announcing that the measure has been scheduled for a full House vote next week.
"January's income tax rollback is putting greater pressure on schools' finances and the state's ability to increase funding for schools. Once enacted, this measure would bring needed relief for students and schools," Madigan added.
In order for the proposal to be put in place, there would need to be a change made to the Illinois Constitution.
Illinois voters overwhelmingly approved Madigan's millionaire tax proposal through a non-binding ballot referendum in the November election.