Illinois state tax collections for the first four months of fiscal year 2026 have increased by $473 million, or 2.8 percent, compared to the same period last year, according to a report from the Illinois Commission on Government Forecasting and Accountability (CGFA).
The report shows that personal income tax revenues rose by $177 million, an increase of 1.9 percent. Sales tax collections also saw growth, rising by $196 million or 5.1 percent. Sports wagering taxes experienced significant growth, increasing by $68 million—a jump of 400 percent. Insurance-related taxes and fees went up by $26 million (11.4 percent), while estate tax collections increased by $42 million (19.4 percent). However, corporate income tax receipts declined by $228 million, representing a decrease of 14.1 percent.
Federal funds received by Illinois are also higher than last year at this point in the fiscal cycle, with an increase of $126 million.
Despite these increases in revenue streams, projections from the governor’s office earlier this fall indicated a budget deficit of $267 million for FY26. The deficit could grow to as much as $5.27 billion by fiscal year 2031.
Further information is available in the CGFA report.
