"The governor announced last month that he was withholding $482 million in state spending to help mitigate federal attacks on the state budget. It's not all horrible news. The latest monthly revenue report from the Legislature's Commission on Government Forecasting and Accountability showed January revenues from state sources were up, according to the commission. Personal income tax receipts increased 2.1% in January compared to the previous January (which is still below inflation). Corporate income tax revenues rose by 3.5% after months of lagging."
"Estate tax receipts are up 60%, or about $200 million, so far this fiscal year compared to last year at this time, the commission reported. The commission said asset valuation increases, including the stock market, likely contributed to the increase. So far this fiscal year, revenues are up a bit more than $1 billion, or 3.5%, compared to the same period in fiscal year 2025. But there is that big federal downside."
Gov. JB Pritzker is preparing an annual budget address amid mixed revenue signals. The Governor's Office of Management and Budget reported federal tax cuts caused a $587 million reduction in state revenues this fiscal year. The governor withheld $482 million in state spending to help mitigate that impact. The Legislature's Commission on Government Forecasting and Accountability reported January state-source revenues rose, with personal income tax receipts up 2.1%, corporate income tax up 3.5%, and gross sales tax up 3%. Estate tax receipts jumped about 60%, roughly $200 million, likely driven by asset valuations. Federal sources fell sharply in January and are down about 8% year-to-date, creating uncertainty before the June 30 fiscal year end.
Read at Chicago Sun-Times
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