State Tax Collections Up $1.5 Billion Through December Despite Drop in Corporate Income Taxes

CHICAGO – Citing a report by the Illinois Commission on Government Forecasting and Accountability, the National Federation of Independent Business says state tax collections through December are up more than $1.5 billion year-over-year from fiscal year 2025. The report says personal income tax collections are up more than half a billion, sales tax collections are up $300 million and estate tax collections are up $174 million. Corporate income tax collections, however, are down $183 million. Gross corporate income tax revenues declined by $104 million last month compared with last December, a decrease of 11.0%.