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Illinois Sees Strong Bump in Corporate Income Tax Revenues

Feb. 2, 2022, 8:56 PM

Illinois is expected to bank an extra $1.1 billion in corporate income taxes in fiscal 2022, due largely to reforms that separated the state from the 2017 federal tax code overhaul.

Revenue figures released Wednesday with the rollout of Gov. J.B. Pritzker’s budget estimated gross corporate income tax receipts of $4.7 billion for the current fiscal year, which ends on June 30. That number is 32% higher than the $3.6 billion collected in fiscal 2021. The administration attributed the increase to improved corporate profitability and features of last year’s primary budget bill (P.A. 102-0016), which expanded the ...