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Prairie State Wire

Friday, November 22, 2024

Illinois collects $1 billion in license tax revenue in Q1

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Seth Schriftman Deputy General Counsel for Income Tax Litigation | Official Website

Seth Schriftman Deputy General Counsel for Income Tax Litigation | Official Website

Illinois collected $1 billion in license taxes during the first quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

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.

Overall, Illinois collected $15.3 billion in combined tax revenues in Q1.

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

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