Illinois' combined tax revenues down 20.5% from Q2 to Q3 2023

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

By Prairie State Wire

Oct 2, 2023

Combined tax revenues in Illinois decreased 20.5% in the third quarter of 2023 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 2023, compared to $18.6 billion in the previous quarter.

The majority of the state’s tax revenue was collected through general sales and gross receipts taxes ($7 billion) and income taxes ($6.6 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