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Friday, November 29, 2024

Illinois' combined tax revenues down 26.2% from Q2 to Q3 2022

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David Harris Commissioner of Revenue at Illinois Department of Revenue | Illinois Department of Revenue

David Harris Commissioner of Revenue at Illinois Department of Revenue | Illinois Department of Revenue

Combined tax revenues in Illinois decreased 26.2% in the third quarter of 2022 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, Illinois collected $14.8 billion in taxes during the third quarter of 2022, compared to $20.1 billion in the previous quarter.

The majority of the state’s tax revenue was collected through general sales and gross receipts taxes ($6.9 billion) and income taxes ($6.8 billion).

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Q3 Illinois Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$6,880
Income Taxes$6,816
License Taxes$917
Other Taxes$156
Property Taxes$18
Source: U.S. Census Bureau

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