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.READ MORE: Two Chicago Police Officers Wounded By Accidental Friendly Fire While Confronting Suspect In Lyons, Police Say
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.MORE NEWS: Pritzker Introduces Electric Vehicle Energy Storage Training Program
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.