The June report for state revenue is out, which also provides totals for the 2019 fiscal year that ended June 30.
Comparing this June to last June, total tax receipts from all sources were up 4.3%. Personal income tax receipts increased a welcome 6.2%, though corporate income tax receipts dropped 7.1%. Sales tax receipts increased by 5.6%.
For the year as a whole, total tax receipts increased nicely by 8.5%. Personal income tax receipts increased by 8.8%%, and corporate income tax receipts were up 16.1%. Sales tax receipts increased by 7.8%.
All that equates to a total tax revenue gain of $3 billion for this year over last — very good news. As the COGFA report explains, however, that improvement is already reflected in forecasts the state uses for budgeting.
-Mark Glennon
A set of state lawmakers want to extend CPS’ current school closing moratorium to February 1, 2027 – the same year CPS is set to transition to a fully-elected school board. That means schools like Manley High School, with capacity for more than 1,000 students but enrollment of just 78, can’t be closed for anther three years. The school spends $45,000 per student, but just 2.4% of students read at grade level.
Hopefully, all media will get the message, in Illinois, too.
Ted joined Tom Miller of WJPF to talk about Illinois’ highest-in-the-nation property taxes, why lawmakers don’t want to touch the tax’s cost drivers, just how much Illinoisans’ tax burden has grown over the decades, why Gov. Pritzker failed to meet his promise to reform property taxes, and more.