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Revenues

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The State of Illinois’ Five-Year Fiscal Report

On November 14, 2022, the Governor’s Office of Management and Budget (GOMB) released the Illinois Economic and Fiscal Policy Report. The report includes changes to the FY2023 enacted budget revenue forecast and a five-year budgetary…

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The FY2021 Capital Budget Enacted by the General Assembly

The General Assembly enacted an approximately $49.2 billion capital budget on May 24, 2020.[1] Spending proposed in the capital budget includes funding from the State, grants from the federal…

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Income Tax Delay Could Boost Illinois’ Bill Backlog

Like most states that levy income taxes, Illinois has followed the federal government in…

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New Report Shows Potential Virus Impact on Illinois Tax Revenues

The coronavirus could have a devastating impact on the State of Illinois’ tax revenues, according to the first official State report that attempts to quantify the fiscal fallout from the crisis. The…

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Governor’s FY2021 Budget Relies on Uncertain Graduated Income Tax Revenues

Illinois Governor JB Pritzker’s second budget proposal avoids many of the pitfalls of his…

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How Will Illinois Spend Cannabis Revenues?

In December the Civic Federation explored how Illinois, its local governments and other states tax recreational cannabis. In this…

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State of Illinois FY2020 Budget Roadmap

Click here to read the full report. Click here to…

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Analysis of the State of Illinois FY2019 Enacted Budget

The Illinois General Assembly passed a budget for fiscal year 2019 on May 31, 2018 and Governor Rauner signed it into law on June 4, 2018. The Institute for Illinois' Fiscal Sustainability has since then continued to analyze the enacted…

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Illinois Passes Budget on Time; Fiscal Challenges Remain

After three years of political gridlock and missed deadlines, the Illinois General Assembly passed a budget for the…

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Coverage of FY2019 State of Illinois Operating Budget Analysis

The following news items cover the release of the Institute for Illinois' Fiscal Sustainability at the Civic Federation's analysis of the State of Illinois…