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 Jim Muschinske, 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.
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.