Illinois revenues continue to drop
Illinois tax collections fell another $341 million in May as the state continued to grapple with the economic fallout from the coronavirus pandemic.
The legislature’s Commission on Government Forecasting and Accountability said almost all revenue sources showed a decline compared to the same period in 2019.
The decline represented almost good news for the state compared to the huge drop in April when the first effects of the economic shutdowns prompted by the pandemic were felt in state coffers.
“After dropping over $2 billion on a net basis (in April), total income taxes suffered only minor losses in May,” COGFA revenue manager Jim Muschinske said in the monthly report.
Personal income tax collections were $8 million less than in May, 2019. Corporate income tax collections were $4 million lower.
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The legislature’s Commission on Government Forecasting and Accountability said almost all revenue sources showed a decline compared to the same period in 2019.
The decline represented almost good news for the state compared to the huge drop in April when the first effects of the economic shutdowns prompted by the pandemic were felt in state coffers.
“After dropping over $2 billion on a net basis (in April), total income taxes suffered only minor losses in May,” COGFA revenue manager Jim Muschinske said in the monthly report.
Personal income tax collections were $8 million less than in May, 2019. Corporate income tax collections were $4 million lower.
Click Here to read more.