Illinois local governments lost out on over $10.9 billion in income tax revenue since fiscal year 2012. Here’s what your city or county lost.
By Patrick Andriesen | Illinois Policy Institute
Illinois local governments lost out on more than $10.9 billion in income tax revenue since fiscal year 2012, thanks to state lawmakers cutting the share of income taxes promised to municipalities and counties.
The state kept the difference.
An Illinois Policy Institute analysis found state lawmakers’ decision to reduce the local share from 10% of net income tax collections to less than 7% has cost municipalities over $9.49 billion since FY 2012. That includes cities, towns and villages and meant fewer dollars for programs and services, infrastructure, and potential property tax relief.
Use our table below to find out how much more income tax revenue your municipality would have received.
In addition to the municipal losses, county governments lost another $1.43 billion. Use our table below to find out much more income tax revenue your county would have collected.
More here.
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