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Sunday, November 17, 2024

Illinois' combined tax revenues up 5.1% in Q2 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 $19.5 billion in income, license, miscellaneous other, property and sales and gross receipts taxes during the second quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This represents a 5.1% increase over the same quarter of the previous year, when combined tax revenues were $18.6 billion.

The majority of the state's tax revenue was collected through income taxes ($11.2 billion) and sales and gross receipts taxes ($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 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.

Q2 Illinois Tax Collections

Type of TaxAmount (millions)
Income Taxes$11,201
License Taxes$1,117
Other Taxes$178
Property Taxes$19
Sales and Gross Receipts Taxes$6,975

Source: U.S. Census Bureau

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