Even as the governor’s office projects budget shortfalls for next year, state tax receipts continue largely on par or higher than last year’s.

The most notable revenue increase came from personal income taxes, which came in $524 million higher in December 2024 than in December 2023, according to a recent report by the Commission on Government Forecasting and Accountability (CGFA). Other revenue sources were more mixed in December, with corporate income tax receipts down $16 million year-over-year and sales tax receipts up $43 million. Altogether all non-federal revenues were up $603 million compared to December 2023.

Taken as a whole, the first six months of fiscal year 2025 (July 2024-December 2024) were more muted. Non-federal receipts were up $712 million (or 2.9%) year-over-year from fiscal year 2024. Personal income taxes led the pack, coming in $1,182 million higher than in the same period in 2023; corporate income taxes and sales taxes remain lower than 2023 receipts.

“While Illinois’ economic and fiscal situation continues to lag other states, tax revenue doesn’t appear to be the problem,” said Noah Finley, Illinois NFIB State Director. “Policy makers must say ‘no’ to special interests that come cap-in-hand to Springfield asking for hard-earned taxpayer dollars and instead consider real tax relief to small businesses hit hard by years of inflation and rising costs.