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News Link • Government Debt & Financing

Illinois Revenue Freefall: Fiscal Year-to-Date -8.1% and Worsening

• https://mishtalk.com, Mish

Compared to last year, February income taxes are down 12.1%; Sales taxes are down 7.5%, and public utility taxes are down 34.3%.

For fiscal 2017, general revenues are down a whopping 8.1%, and the state is two-thirds through the fiscal year.

"Overall base revenues fell $423 million in February. Like a broken record, monthly declines reflected weaker income taxes along with poor federal sources. Unfortunately, February's lackluster performance was widespread with only a couple sources managing to show gains. One less receipting day likely contributed to the decline, though certainly not the primary culprit.

Through the first two-thirds of the fiscal year, base receipts are off $1.453 billion, or 7.5%. Weakness is widespread, and has resulted in year over year losses in key areas such as income taxes and federal sources.

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