ESTATE TAX RECEIPTS SURGE AMID RISING WEALTH
Benjamin L. Varner, Chief Economist

Illinois estate tax revenues have increased substantially over the past several years and are showing strong growth in the current fiscal year. This briefing outlines the structure of the Illinois estate tax, reviews recent trends, and explores how elevated asset valuations and growing household wealth may be influencing collections.

GENERAL FUNDS REVENUES SLIP SLIGHTLY IN JANUARY IN MIXED MONTH FOR RECEIPTS
Eric Noggle, Revenue Manager

It was a mixed month for revenues deposited into the State’s General Funds in January. Modest gains from the primary revenue sources were more than offset by declines in Federal Sources, Transfers, and a few other State revenue areas. Total General Funds revenues for the month reached $4.597 billion, which is $152 million, or 3.2%, below the $4.749 billion collected in January of last year. Despite the monthly decline, cumulative revenues remain ahead of last year’s pace by $1.038 billion, or 3.5%, through the first seven months of the fiscal year.