COGFA Estimates $1.1 Billion Drop in State Revenues

Jul 11, 2020

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.