The January report from Illinois Commission on Governmental Forecasting and Accountability says receipts from Illinois personal income, corporate income and sales taxes are “impressive and have exceeded expectations” for the fiscal year-to-date. They’ve grown 4.8%, 14.7% and 7.6%, respectively, compared to the same period last year.
January, however, was badly off-trend for personal income and corporate income tax receipts. For the month, they dropped 14.3% and 11.1%, respectively, compared to last January. Those numbers may be distorted by changes in taxpayer timing resulting from the new federal tax law that went into effect last January. Let’s hope it’s not a trend comparable to New York’s huge drop in income tax receipts just reported for December and January.
–Mark Glennon is founder of Wirepoints.