Illinois’ tax collections will grow by a mere $215 million in the next fiscal year, the legislature’s financial forecasters predicted Tuesday.

 

The Commission on Government Forecasting and Accountability also warned that it expects revenue this fiscal year to be $442 million less than it previously anticipated. The commission put much of the blame on weaker-than-expected corporate income and sales tax receipts.

 

The state's new fiscal year begins July 1.

 

The commission’s revenue forecast for Illinois' basic checkbook account – less than 1 percent growth – is one of the weakest in years. Exceptions were the 2009-2010 recession when revenues actually decreased and the last two years when revenues dropped because a major portion of a state income tax increase was allowed to expire.

 

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