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Saturday, November 23, 2024

Illinois' combined tax revenues down 0.2% from Q3 to Q4 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 0.2% in the fourth 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 fourth quarter of 2022, compared to $14.8 billion in the previous quarter.

The majority of the state’s tax revenue was collected through income taxes ($7.1 billion) and general sales and gross receipts taxes ($6.7 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.

Q4 Illinois Tax Collections
Type of TaxAmount (millions)
Income Taxes$7,056
Sales and Gross Receipts Taxes$6,692
License Taxes$786
Other Taxes$178
Property Taxes$18
Source: U.S. Census Bureau

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