IL TAX REVENUES

Illinois is anticipating a notable boost in its finances for fiscal year 2026. The Commission on Government Forecasting and Accountability has raised its general funds revenue projection by $686 million, a 1.2% increase. According to the commission’s latest report, personal income tax revenues have surged by $685 million through February, after accounting for refunds and local government shares. However, corporate income tax receipts have dipped, coming in $158 million lower than the previous year. Meanwhile, sales tax collections are up by $338 million, suggesting steady consumer spending across the state.