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Illinois Sales Tax Revenues Stabilize in October

Illinois Sales Tax Revenues Stabilize in October

November 8, 2024

News Release

Illinois Sales Tax Revenues Stabilize in October

After trailing during the first quarter of fiscal year 2025 (FY25), sales tax revenues stabilized in October, rising $2 million year-over-year from last October, according to a report released by the Commission on Government Forecasting and Accountability (CGFA).

Despite this uptrend in October, total FY25 sales tax receipts remain $120 million behind collections through October in FY24.

Other tax receipts have so far filled the gap left by declining sales tax collections. While personal income tax receipts fell $5 million in October, they are up $686 million year-over-year in FY25. Personal income tax collections are up partly through the cannibalization of corporate income tax receipts—which are down $255 million through October—as some income formerly filed as business income is now being filed as personal income.

Altogether, base state revenues are up $115 million (0.6%) year-over-year when factoring in state taxes, investment income, gaming revenues, and federal transfers, according to CGFA.

A growing public sector could put pressure relatively even governmental revenues. The Governor’s Office of Management and Budget (GOMB) recently projected a $3 billion deficit in the state budget for next year.

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