A proposed package of tax incentives currently being considered by the Illinois General Assembly includes eliminating tax relief known as “bonus depreciation” already provided to businesses for 2011 through a federal tax change that the…
This article discusses the negative effect that revenue declines are having on the fiscal condition of states’ budgets. The Civic Federation says that the State of Illinois will not grow out its way out of fiscal trouble and that it must…
This article profiles the budget troubles faced by a number of states. It cites IIFS’ analysis of the State of Illinois’ FY2012 enacted budget, which found that Illinois will face $8.3 billion in unpaid bills.
This report examines the State of Illinois’ operating and capital budgets as enacted for Fiscal Year 2012, which began on July 1, 2011 and ends on June 30, 2012. Despite a major income tax increase implemented in January 2011, the total…
Major Tax Increase, Cuts to Appropriations Did Not Fix State’s Finances (CHICAGO) The Institute for Illinois’ Fiscal Sustainability at the Civic Federation released its analysis of the enacted FY2012 State budget today. The report found…
The Illinois State Comptroller’s Office recently issued its annual report on tax expenditures. The report is published pursuant…
Largely due to the income tax increase that took effect in January 2011, the State of Illinois’ operating deficit is expected to shrink from $3.9 billion in FY2011 to $454 million in FY2012. However, as…
The State of Illinois still owes income tax refunds to many businesses, but the backlog declined in the fiscal year ended June 30, 2011 and is expected to dip further this year. According to the Illinois Department of Revenue, 4,569…
Illinois’ Personal Property Replacement Tax (PPRT) is a revenue source for local governments that was created by the General Assembly…
After two consecutive years of losses, the State of Illinois is reporting moderate growth in sales tax revenue for FY2011, which ended on June 30, 2011. Not only did sales tax revenue collected by the State grow but it also beat the…
