Illinois Tax Collections For 2013 Higher Than Expected
SPRINGFIELD - Illinois is on pace to end its fiscal year with approximately $1.2 billion in additional revenue, according to state officials. The budget constructed by lawmakers was originally estimated to be $35.4 billion.
The additional money is thanks to better-than-expected personal income tax collections and sales taxes. However, the increase in revenue is to be thought of as a one-time occurrence, since the state expects a significant revenue decrease next year due to an expected decrease in the income tax rate.