Driven by higher personal income tax receipts, Illinois saw its revenues climb to $57.6 billion in FY25, an increase of 4.9% from FY24, according to a report by the Illinois Commission on Government Forecasting and Accountability. When federal funds were added in, receipts rose to $61.3 billion.

After required refunds and distributions, General Fund receipts came in at $54.0 billion, 2.7% higher than FY24.

Personal income tax receipts came in $3.0 billion higher than in FY24, hitting $33.2 billion. Corporate income taxes declined by $0.6 billion.

The decline in corporate income taxes and increase in personal income taxes can be partly attributed to more businesses filing as pass-through businesses.

Sales tax revenues came in largely flat from the previous year (up 0.7%) despite a new lease tax and the capping of the retail discount fee.

Legislators passed and Governor Pritzker signed a $55.2 billion General Funds budget for FY26 earlier this year, which incorporated additional taxes and fees to meet the higher spending thresholds.

Illinois’ fiscal year runs from July 1 – June 30.