The monthly state revenue report shows personal and corporate income tax receipts for May dropping 6.1% and 11.6% compare to May 2018. Sales tax receipts, however, jumped 15.7% compared to the same month for last year. In total, all state revenue sources for the month were off 0.7% compared to May last year.
That’s after the a stunning April in that saw total sources jump $1.5 billion compared to April 2018, taking a bit of pressure off the recently completed budget.
Still, total state sources for the fiscal year-to-date are up 8.3% compared to the same period last year. That allowed the Commission on Government Accountability and Forecasting, in a separate report this week, to revise its total revenue for the general fund from all sources up by $770 million for this fiscal year, which ends June 30.
– 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.
In a booming economy and labor market, how did May income revenue drop so much year over year?