State revenue growth is on track to meet expectations and there was no “April surprise” from income tax receipts. The Commission on Government Forecasting and Accountability says it is not planning any significant changes to its March revenue projection for the year.
Revenue was up 4.8% in March, or $233 million from the previous year, due to continuing growth in sales and income taxes, according to the Commission on Government Forecasting and Accountability. Revenue is now up 4.2%, or $1.6 billion, three-quarters of the way through the fiscal year.
Even as state leaders sang the praises of FFA and enjoyed baskets filled to the brim with Illinois agriculture products, they were noncommittal on a longstanding idea that aims to help family farmers: estate tax reform.
An update released Friday shows current fiscal year revenue is expected to be about 1.2% higher than what lawmakers budgeted for. For the upcoming year, new projections are now more bullish than what Gov. JB Pritzker proposed, according to the Commission on Government Forecasting and Accountability.
In a wide-ranging interview with Capitol News Illinois, Gov. JB. Pritzker touted progress in his first seven years but said there's “more work to do” economically as he ramps up his bid for a third term.
