12.19.19
UPDATE: The Cook County Board passed ordinance 20-0658 , imposing a 3% cannabis retailers’ occupation...
Library
07.01.16
After a yearlong stalemate, the State of Illinois finally saw a crack in its ongoing budget impasse on the last day of the fiscal year. The General Assembly rushed approval of bills authorizing a full year of preschool through high school education funding, including additional assistance for...
09.03.13
A new study from the Rockefeller Institute of Government in Albany, New York reports that total state tax collections for the first quarter of 2009 declined by 11.8% from the same quarter last year...
12.29.11
In 2011 the IIFS blog provided weekly context, information and perspective on key fiscal issues in the State of Illinois. Posts in 2011 focused on analysis of FY2012 Illinois budget negotiations, analysis of the ongoing Illinois pension crisis and timely research on other fiscal issues impacting...
09.01.11
The State of Illinois still owes income tax refunds to many businesses, but the backlog declined in the fiscal year ended June 30, 2011 and is expected to dip further this year.
According to the Illinois Department of Revenue, 4,569 businesses were owed $626.9 million in income tax...
07.15.11
After two consecutive years of losses, the State of Illinois is reporting moderate growth in sales tax revenue for FY2011, which ended on June 30, 2011. Not only did sales tax revenue collected by the State grow but it also beat the projections on which the budget was based.
Total...
06.17.11
Despite a significant increase in Illinois’ corporate income tax rate enacted in January 2011, much of the anticipated new State revenue will be offset by corporate tax incentives provided in recent changes to the federal tax code.
Known as bonus depreciation, the federal rule...
01.13.11
In the last hours of the 96th Illinois General Assembly, on January 11, 2011, the legislature took significant action on the State’s budget by passing a bill to increase personal income tax rates from 3% to 5% and corporate income tax rates from 4.8% to 7%....
10.21.10
A recent poll of Illinois voters might help explain why elected officials have been reluctant to make difficult decisions to solve the State of Illinois’ fiscal crisis.
The poll , by the...
08.19.10
It’s no secret that the financially troubled State of Illinois owes billions of dollars in unpaid bills. What is not as widely known is that the State also owes $730 million in corporate income tax refunds, according to the Illinois Department of Revenue.
Unlike unpaid bills,...