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Illinois Ends Fiscal Year In The Black...Temporarily

The state took in over a billion dollars more in taxes than the prior year, thanks to an uptick in sales tax money.  Personal income tax revenue also rose , but the amount coming from corporate income taxes dropped. It's something JimMuschinske, a budget forecaster for the state, said was predicted.

"That was not unexpected. In fact, we actually did better this fiscal year than what was initially assumed back when the budget was passed," Muschinske said.

Credit state of Illinois

The last fiscal year saw a one-time windfall in tax revenue, which Muschinske says masks the real growth in state tax revenue this year. But no matter how well the economy does this year, the state could see a drop off in tax dollars.

Illinois' income tax rate is scheduled to fall in January. State lawmakers have yet to agree on extending the higher rate.

Copyright 2014 WNIJ Northern Public Radio

Hannah covers state government and politics for NPR Illinois and Illinois Public Radio. She previously covered the statehouse for The Daily Line and Law360, and also worked a temporary stint at the political blog Capitol Fax in 2018.