The monthly report for September from COGFA (Illinois’ Commission on Government Forecasting and Accountability) shows respectable gains continuing for Illinois revenue.

The “big three” for state revenue are the personal income tax, corporate income tax and sales tax. For this September compared to last September, the two income tax sources increased by 10.7% and 10.8%, respectively. Sales tax revenue, however, was basically flat, off by .1%.

For the fiscal year-to-date, personal income tax receipts are up by 5.7%, corporate income tax receipts re up by 5.4% and sales tax receipts are up by 3.6%. In total, the state’s base general funds receipts have posted gains of $1.211 billion over the previous year-to-date. According to COGFA, the increase has been driven by specific transfers [Refund Fund and Capital Projects Fund], stronger federal sources, and good performance from the larger economically related sources.”

The September report also includes a rather interesting discussion Illinois consumer debt, which is lower than the national average. Households in Illinois hold about $47,380 of consumer debt per capita. That’s $3,800, or 7.4%, less than the national average.

Why? From the report:

It is unclear as to exactly why households throughout the country took on more debt than in Illinois. There is likely a combination of inter-related economic and demographic reasons for this difference. Illinois’ slow economic recovery from the Great Recession, the fiscal instability of State government in recent years, a lagging housing market, along with an aging and declining population has likely created the impression of afragile economic environment. These stated reasons, and likely others, may be contributing to Illinois residents being hesitant to take on more debt.

-Mark Glennon

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debtsor
7 months ago

Illinois has plenty of consumer debt. It is concentrated in certain demographics. On the other hand, certain demographics don’t take on a lot of debt (often due to low borrowing ability and the lack of a social security number) which likely offsets the borrowing of everyone else. This demographic is: One in seven Illinois residents is an immigrant, while one in eight is a native-born U.S. citizen with at least one immigrant parent. Our citizens who would normally borrow into the middle class lifestyle have left the state, and those that replace them have low wages and don’t access the… Read more »

Illinois Entrepreneur
7 months ago
Reply to  debtsor

Good comment! I think you are right on the money. People don’t realize how many immigrants are here, and the outsized effect they have on many aspects of our lives. The third generation of families are mostly leaving (like me). We are replaced with new people who don’t know any better about a lot of things, and the politicians absolutely take advantage of that. When your decision is emotion-based and coming from economic ignorance (if you’ve never had any wealth and you don’t have an education, you have no idea what’s going on), you have a super majority by one… Read more »

debtsor
7 months ago

“Like most people, I completely welcome legal immigration. It really helps our economy, and those folks work very hard to get ahead.” I don’t welcome legal immigration. I actively vote against it. I don’t understand why any sane person would welcome additional immigrants. We take 1 out of every 5 immigrants in the world and they are 15% of our population (and they all vote Democrat). We have more immigrants and foreign born people as a percentage of our population now than at any point in our 200 year history. The last time immigration was this high – the 1910’s… Read more »