Residents paying taxes on their unemployment benefits have helped raise more revenue for the state, the Illinois Commission on Government Forecasting and Accountability (COGFA) reports.
Commission members recently traveled to Springfield where COGFA Revenue Manager Jim Muschinske shared the worse hasn’t happened in that respect since the virus hit and the recovery has been faster than most anticipated.
“Depending on the sector we’re talking about, it may look like a V, it may look like U, it may look like a Nike swoosh, depending on what sector we’re looking at,” he told The Center Square.
Even in the face of all Gov. J.B. Pritzker’s restrictions, Muschinske said consumer activity topped expectations. Still, Muschinske said he expects Illinois to lag the nation in recovering.
“This has now been established for decades, it’s kind of the way things tend to work its way out,” he said. “It’s not that we don’t eventually recover, it just takes us longer.”
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