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Quinn Tax Hike Boosts Illinois Returns

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Quinn Tax Hike Boosts Illinois Returns
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Gov. Pat Quinn's unpopular tax increase began showing some positive progress for Illinois last month. 

The state collected almost $1.4 billion in personal income taxes in March, the Peoria Journal Star reports. That's 71 percent more than taxes collected in March 2010.

Higher taxes that took effect this year have partial thanks for the returns, the Illinois Commission on Forecasting and Government Accountability says.

Quinn signed the 67 percent increase into law on Jan. 13 and made the rates retroactive to Jan. 1. The hike is expected to generate about $6.8 billion for the state each year to battle Illinois' lingering deficit and settle unpaid bills.

For the fiscal year that began July 1, personal income-tax collections are up 16.1 percent from the previous fiscal year. Corporate tax collections of $1.379 billion were up 30.6 percent.

That's because employers made withholding-table adjustments for the new Illinois rates. But it won’t have any impact on taxes due by April 18.

It also won't affect tax refunds or money owed on returns, since those are based on 2010 income.
 

Related Topics Pat Quinn, Tax Hike, Dollar Signs
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