State revenues down $1.1 billion in last fiscal year
Illinois revenues took a $1.1 billion hit during the just-concluded fiscal year, the result of the economic chaos caused by the COVID-19 virus.
But along with the bad news came some glimmers of hope, the legislature’s Commission on Government Forecasting and Accountability said. State revenues actually showed a slight uptick in June, and personal income tax collections did well despite massive unemployment caused by the pandemic.
COGFA — the General Assembly’s bipartisan fiscal forecasting arm — said the state ended the 2020 fiscal year with a drop of $1.135 billion in base revenues compared with the 2019 fiscal year. That’s a decline of nearly 3% from the previous year. The state’s fiscal year runs from July 1 to the following June 30.
Most of the decline resulted from the drop in revenue from the personal income tax, which was down $947 million, or 4.2%. Corporate income taxes dropped just over 14%, a $430 million decrease. Sales tax collections dropped $206 million.
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But along with the bad news came some glimmers of hope, the legislature’s Commission on Government Forecasting and Accountability said. State revenues actually showed a slight uptick in June, and personal income tax collections did well despite massive unemployment caused by the pandemic.
COGFA — the General Assembly’s bipartisan fiscal forecasting arm — said the state ended the 2020 fiscal year with a drop of $1.135 billion in base revenues compared with the 2019 fiscal year. That’s a decline of nearly 3% from the previous year. The state’s fiscal year runs from July 1 to the following June 30.
Most of the decline resulted from the drop in revenue from the personal income tax, which was down $947 million, or 4.2%. Corporate income taxes dropped just over 14%, a $430 million decrease. Sales tax collections dropped $206 million.
Click Here to read more.