Less jobs and a smaller population in Illinois are compounding the loss of tax revenue for the state. That’s according to the executive director of the Commission on Government Forecasting and Accountability.
COGFA’s Dan Long says Illinois saw revenues dropped more than $250 million in January from the year before. Some of that drop was from the decrease in the individual and corporate income tax rates, but Long also says fewer jobs and outbound migration plays a role.
Meanwhile Long says sales taxes had been doing well, but even that has started to level out in recent reports. Long says COGFA expects upwards to $5 billion in revenue declines from the previous fiscal year.