Illinois Tax Revenues On Par With Expectations
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SPRINGFIELD, Ill. (CBS) — The state brought in about as much money as expected over the last fiscal year, thanks in part to personal and corporate income tax increases.
Sales tax receipts were up as well, the Illinois Department of Revenue reports.
The Commission on Government Forecasting and Accountability reports sales tax receipts jumped by $500 million between fiscal years 2010 and 2011. That is due in part to a tax amnesty program, which allowed payment of past due tax balances with no penalties.
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Commission revenue manager Jim Muschinske says the numbers would have improved even without the program.
“As the recovery phase started to manifest in the second half, we saw that in revenues,” Muschinske said. “Not only did we see some growth, but probably somewhat higher than we anticipated.”
Overall, the state raked in $30.49 billion in revenue, thanks in part to personal and corporate income tax increases. That’s just $7 million more than the commission estimated.
The forecast for Fiscal Year 2012 is cloudy at the moment because the state will lose money in some areas, but the income tax increases will be in effect for the entire fiscal year instead of just the second half.