Illinois revenue collection hit $56.3 billion in fiscal year 2026 (FY26), according to a report published by the Illinois Commission on Government Forecasting and Accountability (CGFA).

Total revenues were up $2.8 billion, representing a 4.5% increase from FY25.

Overall, state collections were up $2.6 billion (4.6%), and federal transfers rose $143 million (3.8%).

Per the report, “[t]he FY 2026 total of $56.300 billion represents the highest annual General Funds revenue total in Illinois history and marks the second consecutive fiscal year to establish a new record.”

In FY 26, year-over-year:

–  Personal income tax collections climbed $1.4 billion (4.2%)

–  Corporate income tax collections declined $250 million (-4.2%)

–  Sales tax collections climbed $533 million (4.5%)

–  Estate (death) tax collections climbed $268 million (44.4%)

–  Insurance tax and fee collections climbed $47 million (8.2%)

–  Lottery collections declined $1 million (-0.1%)

–  Gaming tax collections climbed $76 million (40.9%)

–  Sports wagering tax collections climbed 183 million (90.1%)

Illinois’ fiscal year begins on July 1 and ends on June 30. Deposits into the state’s General Fund were up $2.3 billion (4.3%).

The Illinois General Assembly passed a $56 billion budget for FY27, including several new taxes.