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* Finke…
The state’s biggest revenue producers continued to perform “quite respectably” in December, the General Assembly’s financial analysts said in a report Monday.
That means as the state hits the midway point for its fiscal year, state finances remain on target to meet the projections set out when the state budget was being crafted. […]
Those economic sources are revenues from the personal and corporate income taxes and from sales taxes. Through the end of December, the halfway point of the 2020 fiscal year, personal income taxes were $500 million higher than at the same time last year. Corporate income tax receipts were $163 million higher and sales tax collections were up $116 million.
When all of the taxes that make up the state’s general funds are included, collections are about $1.37 billion ahead of where they were last year.
The full report is here. While the state is ahead of where it was last year at this time, keep in mind that revenues jumped by $1.5 billion in April alone last year, surprising just about everyone.
posted by Rich Miller
Tuesday, Jan 7, 20 @ 10:37 am
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The state had a tax amnesty in October-November so that should have boosted revenues
Comment by Capitol Text Tuesday, Jan 7, 20 @ 10:39 am
If tax revenues are up I look forward to a tax rate reduction, right?
Comment by Just Me Tuesday, Jan 7, 20 @ 10:44 am
Just Me - “If tax revenues are up I look forward to a tax rate reduction, right?”
Did I miss the elimination of the backlog of unpaid bills?
Comment by Anyone Remember Tuesday, Jan 7, 20 @ 10:47 am
==The state’s biggest revenue producers continued to perform “quite respectably”==
Your welcome.
Comment by City Zen Tuesday, Jan 7, 20 @ 10:52 am
“look forward to a tax reduction, right”
Sure, just like you can look forward to your utility bill lowering when they post historic profits,
or the price of prescription drugs lowering when they post historic profits,
or,
get it?
Comment by efudd Tuesday, Jan 7, 20 @ 10:56 am
It’s amazing what happens when something resembling competent governance is voted into office.
Comment by AlfondoGonz Tuesday, Jan 7, 20 @ 10:58 am
If tax revenues are up I look forward to a tax rate reduction, right?
Just as soon as the backlog of bills are cleared up, pension funds are solvent and the thousands of people with disabilities waiting on services (PUNS list) have those services.
Comment by Give Me A Break Tuesday, Jan 7, 20 @ 11:05 am
Revenues are up, yet the bill backlog today is nearly $500 million higher than July 1, 2019, sitting at $6.5 billion.
Comment by Birds on the Bat Tuesday, Jan 7, 20 @ 11:09 am
Thank the Trump economy.
Comment by Pick a Name Tuesday, Jan 7, 20 @ 11:09 am
That should help the governor’s next budget.
Comment by Chicago Cynic Tuesday, Jan 7, 20 @ 11:14 am
Fantastic news. This will hopefully continue, to help budget negotiations this year, and to help fund so much that is so vital to the state.
Raising the income tax back up in 2017 was very important. Many who took the tough votes to finally pass a budget and more revenue that year knew it. Economic growth and revenue were not harmed by legislation in 2017. It’s a new decade, and we have to discard the harmful propaganda that did so much damage to us because of the last governor, that a modest and necessary tax increase kills growth and revenue.
Comment by Grandson of Man Tuesday, Jan 7, 20 @ 11:15 am
===Thank the Trump economy.===
If trillion dollar deficits, manufacturing recessions and equity bubbles are a good thing, then, thanks Don.
Comment by Ducky LaMoore Tuesday, Jan 7, 20 @ 11:19 am
Realistically, the trillion dollar deficits are providing a lot of near-term economic stimulus that admittedly comes with a long-term economic drag of money going to debt service. Much like how Illinois & many local governments are presently dealing with the near-term economic drag of having to put so much of their revenue into debt service.
Comment by Blake Tuesday, Jan 7, 20 @ 11:27 am
===If tax revenues are up I look forward to a tax rate reduction, right?===
If the Fair Tax amendment passes and you make less than 250K per year then, yes.
Comment by Cubs in '16 Tuesday, Jan 7, 20 @ 11:28 am
===Your welcome.===
My welcome? I guess there’s no time for grammar when =you’re= producin’ revenue.
To the post, I am still stumped by the lack of accountability with the budget. We estimate revenue and expenses. Then we collect actual revenue and incur actual expenses. But we never reconcile reality with the estimate. If we under-collect our revenue estimate by $1B in one year, our budget should reflect that in the following year by requiring us to spend $1B less or collect $1B more than the estimations for that next year would otherwise require.
Comment by thechampaignlife Tuesday, Jan 7, 20 @ 12:17 pm
Give thanks to Starbucks - the new worlds largest location on Michigan Avenue has had massive lines since November.
Comment by Donnie Elgin Tuesday, Jan 7, 20 @ 1:44 pm
While tax amnesty raised 200 million, the state Dept of revenue waived interest and penalty. Just the waiving of the 15 percent penalty cost the state 30 million dollars. What taxes are we the citizens going to have to pay to make up this loss?
Comment by Anonymous Tuesday, Jan 7, 20 @ 4:15 pm