Even more evidence Illinois can thank the federal government’s covid bailouts for its budget bonanza – Wirepoints
Some Illinois lawmakers continue to deny that covid aid and other federal stimulus bailed the state out of its fiscal mess. But a look at past and projected revenues from COGFA shows just how much the bailouts blew out the state’s revenues. And now that they’re over, how much harder it will be for Illinois revenues to grow.
One interesting thing for tax filers is that the April 15, 2020 date is the date by which any final tax must be paid. But self-employed filers apparently don’t need to make the first estimated payment, the April 15, 2020 payment on their 2020 taxes – that too has been postponed to July 15. So what happens to the June 2020 second estimated payment, and the September 2020 estimated payment? Think about that for a second – 3 out of the 4 estimated 2020 tax payments will be paid between June 15, 2020 and September 15, 2020 (with the final… Read more »