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Monthly briefing for the month ended February 2021

MARCH 3, 2021 | by CFGA (Illinois) | ILLINOIS COMMISSION ON GOVERNMENT FORECASTING AND ACCOUNTABILITY

Includes general funds receipts for the State of Illinois for fiscal year 2021 year-to-date (through February 2021, and the fiscal year ends in June). Receipts totaled $27.4 billion, up 11 percent over the same year-earlier period (and that earlier period ended a month before the onset of the COVID pandemic). The increase was driven by a 13 percent increase in personal income tax revenue (up to $15.6 billion this year so far), a 33 percent increase in corporate tax revenue (to $2.1 billion), and an 86 percent increase in “federal sources” (up to $3.4 billion).

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