Brad Close President | National Federation of Independent Business
Brad Close President | National Federation of Independent Business
Illinois tax revenues increased in August after a weak performance in July, according to a report from the Commission on Government Forecasting and Accountability (CGFA).
Personal income tax receipts rose by $66 million compared to August of the previous year, marking a 3.7% increase. Sales tax collections also grew, up $46 million or 4.8% year-over-year. Estate tax receipts saw an increase of $12 million, representing a 23.5% rise.
However, corporate income tax receipts fell by $30 million from the same period last year, down 29.4%. The state reported decreases in insurance taxes and fees by $11 million and interest earned on state funds and investments by $55 million.
Illinois collected $22 million from its newly implemented sports wagering tax during August. Additionally, the state transferred $205 million from its Income Tax Refund Fund to the General Revenue Fund. These transfers led to an overall increase in state fund transfers totaling $189 million more than the previous year for August.
When considering all state tax receipts and transfers together, Illinois’ total state receipts were up by $212 million compared to August last year, reflecting a 6.3% gain.
Chart from CGFA
Alerts Sign-up