Personal income tax collections remain elevated, sales taxes down through November

State general fund revenue collections remain roughly even with last year’s receipts, according to a recent report by the Illinois Commission on Government Forecasting and Accountability (CGFA).

Total state sources for the state’s general fund are up $109 million—or 0.5% —through November for fiscal year 2025 (FY25). Most notably:

· Personal income tax collections remain elevated, up $658 million or 6.4% year-over-year (y-o-y) from FY24.

· Corporate income tax collections are down $316 million or 15.3% y-o-y.

· Sales tax collections are down $110 million or 2.2% y-o-y.

· Insurance taxes and fees are up $82 million or 55.8% y-o-y.

The flatlining revenues are despite a package of tax increases passed this spring. A recent report by the Governor’s Office of Management and Budget (GOMB) projecting a $3 billion deficit in FY26 has increased scrutiny of FY25 tax revenues.