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[IL] Tax hike boosts state revenue to record
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| Contributor | ArmyDem |
| Last Edited | ArmyDem Jul 08, 2011 06:06am |
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| Category | News |
| Media | Newspaper - News Gazette |
| News Date | Thursday, July 7, 2011 12:05:00 PM UTC0:0 |
| Description | Thu, 07/07/2011 - 8:00am | Tom Kacich
SPRINGFIELD — State general fund revenues cleared $30 billion for the first time ever in the fiscal year that ended last Thursday, the Legislature's Commission on Government Forecasting and Accountability reported Wednesday.
Fiscal year 2011 revenue — boosted by a midyear income tax increase — totalled $30.48 billion, up more than 12 percent from the $27.09 billion collected in fiscal year 2010.
The fiscal year 2011 revenue sum surpasses the previous record of $29.64 billion in fiscal year 2008.
Last year's revenue growth was due to a number of factors, COGFA said.
"Obviously the tax changes enacted halfway through the fiscal year played the key role in the increase, as did the tax amnesty program which occurred in the fall," said a COGFA analysis. "The magnitude of the effect of those items often served to mask the underlying improvement in the economic sources that was happening simultaneously with the tax changes.
"While impossible to dissect and assign values to each, it was clear from receipting performance that revenues were recovering from last year's dismal showing which saw receipts plunge over $2 billion."
For the year, personal income tax revenue was up 30.4 percent, corporate income tax receipts were up 38.1 percent and sales tax revenue — perhaps the best indicator of economic growth in Illinois — grew by 8.3 percent. Sales tax revenue finished $137 million above COGFA projections. |
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