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* From COGFA’s latest monthly report…
More from the report…
On November 7, 2023, Fitch upgraded Illinois’ general obligation bond rating one level to A-, with a stable outlook. The upgrade also raises Illinois’ Build Illinois bonds from A to A+. All three ratings agencies have now upgraded the State three levels each over the past two and a half years, placing Illinois firmly in “A” territory. The Fitch rating enhancement follows upgrades in March of 2023 from Moody’s raising Illinois’ G.O. and Build Illinois bonds to A3 from Baa1, and Standard and Poor’s upgrading Illinois’ General Obligation Bonds to A- from BBB+. The earlier upgrades from Fitch occurred in May of 2022 with an increase to Illinois General Obligation ratings two levels from BBB- to BBB+, and Build Illinois ratings two levels from BBB+ to A. Moody’s increased the State’s G.O. and Build Illinois ratings by single levels twice, in the summer of 2021 and in April 2022. S&P’s previous upgrades were single levels in July 2021 and May 2022.
* Meanwhile…
Revenues deposited into the State’s General Funds fell $243 million in November as compared to the same month the prior year. The revenue declines were scattered throughout Illinois’ revenue sources with the largest drops coming from Federal Sources and the Personal Income Tax. This month had one extra receipting day as compared to last November. […]
Despite this month’s declines, FY 2024 revenues through November continue to be ahead of last fiscal year’s pace. Overall, revenues deposited into the State’s General Funds are $368 million higher. When removing “one-time” revenues related to Federal deposits and reimbursements, the “base” growth through the first five months of the fiscal year is a solid +$499 million.
posted by Rich Miller
Wednesday, Dec 6, 23 @ 9:56 am
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Ahhh, the Bruce Rauner years . . .
Comment by Demoralized Wednesday, Dec 6, 23 @ 11:02 am
Shouldn’t be any surprise tax revenues are up given our tax burden is higher than a few years ago and the tax climate was given it’s worse rating in a decade.
Overall tax burden ranked 37th it was 25th in 2017.
Corporate tax 43rd
Property tax 45th
Unemployment tax 42nd
“One key recent change that hurt Illinois used to offer full expensing for investments in machinery and equipment purchases but that expired last year purtting Illinois at a competitive disadvantage compared to a lot of states that offer bonus depreciation”
https://www.chicagobusiness.com/politics/tax-foundation-says-illinois-taxes-becoming-bad-business
https://taxfoundation.org/research/all/state/2024-state-business-tax-climate-index/
Comment by Lucky Pierre Wednesday, Dec 6, 23 @ 11:30 am
===Overall tax burden ranked 37th it was 25th in 2017. ===
lol
That ranking came out in September of 2016, when the state had no budget and most of its 2011 temporary income tax hike had expired. https://taxfoundation.org/research/all/state/2017-state-business-tax-climate-index/
But yeah, those were such great times, LP. Solid work on your part.
Comment by Rich Miller Wednesday, Dec 6, 23 @ 11:35 am
==That ranking came out in September of 2016,==
That is just more evidence of the complete dishonesty of @LP.
Comment by Demoralized Wednesday, Dec 6, 23 @ 12:08 pm
Cheap shot Rich it’s a quote from Crain’s last wee not” my work”
How is their report on the tax climate in Illinois not relevant?
The expiration of the expense deduction is detrimental to investment in Illinois
We need to expand more that just EV batteries here
Comment by Lucky Pierre Wednesday, Dec 6, 23 @ 12:11 pm
==Shouldn’t be any surprise tax revenues are up given our tax burden is higher ==
Hey genius, the largest chunk of state revenues comes from a flat tax.
Comment by Demoralized Wednesday, Dec 6, 23 @ 12:18 pm
===How is their report on the tax climate in Illinois not relevant?===
I mean, you’re using tax numbers from 2016, which were significantly lower than today but also caused extreme pain in this state. And you’re saying things were better then. If you can’t see that, then I can’t help you.
Comment by Rich Miller Wednesday, Dec 6, 23 @ 12:19 pm
= our tax burden is higher than a few years ago and the tax climate was given it’s worse rating in a decade.=
Maybe you can explain how Illinois’ GDP growth has outpaced “competitive” states like Indiana, Wisconsin, and Iowa with much lower tax burdens?
I mean, it is so bad here and all nobody has businesses here right?/s
Comment by JS Mill Wednesday, Dec 6, 23 @ 1:12 pm