Illinois tax revenues for the first five months of fiscal year 2026 have increased compared to the same period last year, according to a report from the Illinois Commission on Government Forecasting and Accountability (CGFA).
From July through November, state tax collections rose by $1.1 billion, representing a 5.6% increase over the previous year. Although federal funds received in November declined, they remain ahead of fiscal year 2025 levels by $48 million, or 2.8%.
The report details several changes in specific revenue streams so far this fiscal year:
– Personal income tax collections increased by $321 million (2.9%).
– Corporate income tax collections decreased by $79 million (-4.5%).
– Sales tax collections grew by $163 million (3.3%).
– Sports wagering tax collections rose by $74 million (205.6%).
– Insurance tax and fee collections climbed by $30 million (13.1%).
– Gaming tax collections were up by $51 million (77.3%).
– Estate tax collections saw an increase of $162 million (58.7%).
A portion of these higher collection rates is due to a one-time tax amnesty program that ended in November.
Further information is available in the CGFA’s published report.
