Taxes on unemployment benefits helped improve Illinois’ revenue estimate by Greg Bishop, The Center Square | March 10, 2021 06:00 PM Print this article
Taxes unemployed Illinoisans have paid on their unemployment benefits helped the state see improved revenues this far into the COVID-19 pandemic, according to the state’s forecasting commission.
Part of the process for crafting the state’s annual spending plan is determining what the revenue estimate is.
The Illinois Commission on Government Forecasting and Accountability met Tuesday in Springfield to provide their latest estimates.
COGFA Revenue Manager Jim Muschinske said when the pandemic hit, they anticipated major losses. With the latest data, the worst didn’t happen and the recovery has been swift.
Taxes on Unemployment Benefits Improve Illinois Revenue Estimate
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