SPRINGFIELD (AP) – Illinois saw a more than $1.1 billion drop in revenues in the fiscal year that ended last month due to the coronavirus’ impact on the state’s economy.
According to The State Journal-Register, the Commission on Government Forecasting and Accountability found the state ended the 2020 fiscal year with a $1.135 billion decline in base revenues compared to the previous fiscal year.
The steep drop of $947 million in personal income tax had the highest impact overall. Corporate income taxes saw a $430 million decrease, while sales tax collections fell by $206 million.
Illinois’ fiscal year spans from July 1 to June 30.