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Saturday, April 12, 2025

Illinois' combined tax revenues down 14.1% from Q2 to Q3 2024

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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

Combined tax revenues in Illinois decreased 14.1% in the third quarter of 2024 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, Illinois collected $16.8 billion in taxes during the third quarter of 2024, compared to $19.5 billion in the previous quarter.

The majority of the state’s tax revenue was collected through income taxes ($8.5 billion) and general sales and gross receipts taxes ($7 billion).


Rubina Hafeez MBA Chief Economist | Official Website

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
Type of TaxAmount (millions)
Income Taxes$8,532
Sales and Gross Receipts Taxes$6,954
License Taxes$1,044
Other Taxes$176
Property Taxes$18
Source: U.S. Census Bureau

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