Illinois’ tax collections for fiscal year 2026 have increased by $1.9 billion, or 5.6 percent, compared to the previous year, according to a report released by the Illinois Commission on Government Forecasting and Accountability (CGFA) on Mar. 9.
The increase in state tax revenue comes as federal transfers to Illinois have declined by $172 million, or six percent, partially offsetting the gains from higher tax collections.
According to the CGFA report, personal income tax collections rose by $805 million (4.2 percent), while corporate income tax collections fell by $199 million (6.6 percent). Sales tax revenue increased by $338 million (4.3 percent), and estate tax collections grew significantly by $215 million (53.3 percent). Insurance taxes and fees were up by $114 million (34 percent), lottery revenues increased by $46 million (9.1 percent), gaming taxes rose by $59 million (46.8 percent), and sports wagering taxes saw an increase of $137 million (135.6 percent).
The state’s fiscal year runs from July 1 through June 30 each year.
More information can be found in the full CGFA report.
