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Friday, November 22, 2024

Illinois’ combined tax revenues down 0.9% in Q4 compared to same quarter of the previous year

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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

Illinois collected $14.6 billion in income, license, miscellaneous other, property and sales and gross receipts taxes during the fourth quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This is a 0.9% decrease from the same quarter the previous year when combined tax revenues were $14.7 billion.

The majority of the state’s tax revenue was collected through sales and gross receipts taxes ($6.9 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 it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.

Q4 Illinois Tax Collections

Type of TaxAmount (millions)
Income Taxes$6,645
License Taxes$809
Other Taxes$211
Property Taxes$19
Sales and Gross Receipts Taxes$6,866

Source: U.S. Census Bureau

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