Quantcast

Prairie State Wire

Sunday, November 24, 2024

Illinois' combined tax revenues up 2.6% in Q1 compared to same quarter of the previous year

Webp 3d6r9ujl2zc09wgck0zc63blybzq

Rubina Hafeez MBA Chief Economist | Official Website

Rubina Hafeez MBA Chief Economist | Official Website

Illinois collected $15.3 billion in income, license, miscellaneous other, property and sales and gross receipts taxes during the first quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This represents a 2.6% increase over the same quarter of the previous year, when combined tax revenues were $14.9 billion.

The majority of the state's tax revenue was collected through income taxes ($7.5 billion) and sales and gross receipts taxes ($6.5 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.

Q1 Illinois Tax Collections

Type of TaxAmount (millions)
Income Taxes$7,508
License Taxes$1,023
Other Taxes$169
Property Taxes$17
Sales and Gross Receipts Taxes$6,512

Source: U.S. Census Bureau

MORE NEWS