Illinois’ tax collections for fiscal year 2026 have exceeded expectations, according to an April 10 report by the Illinois Commission on Government Forecasting and Accountability. The data shows that overall state tax collections rose by $2.2 billion, or 5.5 percent, during the first three quarters of the fiscal year.
The continued growth in tax revenue is significant as it reflects economic activity and affects budgeting decisions for public services and programs across the state.
The report details that personal income tax collections increased by $1.1 billion, representing a 4.9 percent rise compared to the previous year through March 31. Sales taxes also saw a notable increase of $363 million (4.2 percent). In contrast, corporate income taxes declined by $209 million, down 6.3 percent from last year.
Other categories showed substantial gains: estate (death) taxes climbed by $216 million (46.4 percent), insurance taxes and fees grew by $92 million (23.1 percent), lottery revenues increased by $16 million (2.7 percent), gaming taxes rose by $61 million (43 percent), and sports wagering tax receipts more than doubled with a gain of $146 million (109.8 percent).
Despite these increases in state-generated revenue, federal transfers to Illinois decreased by $161 million or about 5.2 percent over the same period.
The state’s General Fund deposits are up as well—by approximately $1.6 billion or 4.2 percent since July 1, when Illinois’ fiscal year began.
Further details can be found in the full CGFA report.
