Loading...
Data Indicate COVID-19 Impact on State Revenue Not as Severe as Feared

Data Indicate COVID-19 Impact on State Revenue Not as Severe as Feared

All time 356 Today 2

Looking at the Big Three revenue sources, the net COVID-19-related loss in the individual income tax was just less than 1% of the total General Funds receipts for that source, much less than forecast. Sales tax losses were also less than expected, at 3.4% of total General Funds sales tax receipts. The corporate income tax is one source where revenue losses were of a size forecast in early 2020. The $345 million loss in that revenue source is more than 16% of total General Funds corporate income tax receipts.

Learn More

IGPA is the People’s Policy Think Tank.

The University of Illinois System is a trusted source for top-quality research and expertise drawn from all three universities. IGPA ensures that the work scholars do matters and has real-world impact.

Tap Into World-Class Research

IGPA supports necessary, data-driven, well-informed policymaking that improves people’s lives.

Make Your Work Count

Are you ready to join the policy conversation in Illinois and beyond?

Access Expertise On Tap

IGPA supports necessary, data-driven, well-informed policymaking that improves people’s lives.

View Our Mission
For Policymakers
For Scholars
For Journalists