CTA's post-pandemic puzzle politico.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from politico.com Daily Mail and Mail on Sunday newspapers.
Springfield, Ill. (AP) April's plummeting general funds receipts a drop of $1.84 billion from the previous year is stunning in anyone's estimation. But budget-makers at the state Capitol aren't panicking. Compared with 2022, revenue fell a whopping 23% last month, driven by a drop of $1.76 billion in personal income tax, according to the legislative Commission on Government Forecasting and Accountability. On its face, that would seemingly cause jitters and with one week left in the spring legislative session, it might historically be a call for the May money magic from days of yore that led to mountains of debt in the last two decades. The previous year's number for comparison, $5.4 billion, was a record, fueled by an influx of capital gains taxes and because more days of the month fell on weekdays in April 2022, according to Eric Noggle, revenue manager for the bipartisan forecasting commission. Federal data on capital gains tax payments this year aren't
Tax revenue to the state of Illinois dropped a whopping $1.84 billion in April from the year before. But those drafting the state budget aren t panicking.
State revenue drops nearly $2B in April, but budget-makers at the Capitol aren't panicking khqa.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from khqa.com Daily Mail and Mail on Sunday newspapers.
April s plummeting general funds receipts — a drop of $1.84 billion from the previous year — is stunning in anyone s estimation. But budget-makers at the state Capitol aren t panicking.