SPRINGFIELD, Ill. - Illinois state lawmakers unveiled a massive $1.5 billion funding package for the Chicago area’s transit system.

Proponents argue it’s a once-in-a-lifetime chance to transform public transportation in the region, but it will come at a cost.

What we know:

Legislation to avoid a fiscal cliff with the loss of pandemic-era federal funding has been debated for months, and finally, lawmakers appear to have come to an agreement.

Lawmakers dropped the bill late Tuesday night with planned hearings for Wednesday. The bill aims to rescue the Chicago Transit Authority , Pace and Metra from the massive loss in funding while averting any fare hikes and service cuts.

The bill is worth an estimated $1.5 billion a year and will be funded by:

A 7% state amusement tax on big

See Full Page