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Update on the Impact of New Income Tax Revenue

The state income tax increase enacted last January was an essential step toward resolving the pro- longed fiscal crisis in Illinois, but it was not a panacea. The new revenue — an estimated $2.3 billion in FY 2011 and $7.4 billion in FY 2012 — enabled the state to stabilize its credit rating, reduce the backlog of unpaid bills, cover mandated pension contributions for FY 2012 without borrowing, and avert a full-scale fiscal meltdown. Download and read report

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