David Addington Executive Vice President General Counsel | National Federation of Independent Business - Illinois
David Addington Executive Vice President General Counsel | National Federation of Independent Business - Illinois
Illinois' revenues for the fiscal year 2025 rose to $57.6 billion, marking a 4.9% increase from the previous year, according to the Illinois Commission on Government Forecasting and Accountability. With federal funds included, total receipts amounted to $61.3 billion.
General Fund receipts reached $54.0 billion after necessary refunds and distributions, showing a 2.7% rise compared to FY24.
Personal income tax receipts increased by $3.0 billion from FY24, reaching $33.2 billion, while corporate income taxes saw a decline of $0.6 billion.
The changes in tax receipts are partly due to more businesses filing as pass-through entities.
Sales tax revenues remained mostly unchanged with a slight increase of 0.7%, despite new taxes such as the lease tax and adjustments like capping the retail discount fee.
Earlier this year, legislators approved and Governor Pritzker signed a General Funds budget of $55.2 billion for FY26, which includes additional taxes and fees to support higher spending levels.
The fiscal year in Illinois spans from July 1 through June 30.
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