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Illinois Revenues Drop $1.1 Billion In Fiscal 2020 Due To Pandemic

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Rotunda of Illinois State Capitol
State Capitol Rotunda in Springfield

SPRINGFIELD — Illinois saw a more than $1.1 billion drop in revenues in the fiscal year that ended last month due to the coronavirus’ impact on the state’s economy, according to state officials.

The Commission on Government Forecasting and Accountability found that the state ended the 2020 fiscal year with a $1.135 billion decline in base revenues compared to the previous fiscal year.

The steep drop of $947 million in personal income tax had the highest impact overall. Corporate income taxes saw a $430 million decrease, while sales tax collections fell by $206 million.

The State Journal-Register reports Illinois’ fiscal year spans from July 1 to June 30.

COVID-19 is a rapidly evolving story, and we are working hard to bring you the most up-to-date information. We recommend checking the Coronavirus Information Center for the most recent numbers and guidance.

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Associated Press

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