CGFA reports on November 2022 State budget revenues

The Commission on Government Forecasting and Accountability (CGFA) released its “November 2022 Monthly Briefing” on Friday, December 2.

Inflationary pressures and rising wages continue to benefit State tax revenues.  Two of Illinois’ largest revenue drivers are personal income tax payments, much of which are forwarded through paycheck deductions, and sales tax payments, which are charged as percentages of the price of the goods sold.  Inflation increases these prices and pay rates, thus increasing State of Illinois income and sales tax revenues.  CGFA reports that on a year-over-year basis, Illinois personal income tax receipts were up by $228 million over the comparable numbers for November 2021.  Sales tax receipts were up by $134 million.  These two increase, which totaled $362 million, made up by far the largest share of the overall increase of $371 million in total general revenues from state and federal sources for the thirty-day period.  Many other tax and revenue cash flows rose and fell during this period, but these smaller trends tended to cancel each other out.      

CGFA’s Research Unit provides nonpartisan, objective, documented, and timely information for members of the Illinois General Assembly and legislative staff. All research requests are confidential. Our staff offer a wide range of expertise on matters including state and federal law, science and technology, taxation, education, local government, economics and fiscal affairs, and the political history of Illinois.