April 2026 Tax Revenue Update

Illinois collected $7.305B in General Funds revenue in April of FY 2026, an increase of 2.0% (or $146M) over April of FY 2025. While this total represents the second-highest revenue month in state history, trailing only the pandemic stimulus-aided $8.0B received in April of FY 2022. The 2.0% growth rate is slightly below the 2.4% budgeted growth assumption for the full fiscal year. April is the largest revenue month of every fiscal year, and this year April revenues represent 13.21% of the state’s enacted $55.290B FY 2026 budget. At year end, this percentage will likely decrease a bit if current trends continue and Illinois closes FY 2026 with a slight surplus.

 

Heading into April, Illinois’ year-to-date revenues were up 4.2% over FY 2025. The strong growth in the first three quarters more than compensated for the modest increase in April, with year-to-date total General Funds revenue now standing 3.8% (or $1.716B) above the same point last year. When factoring out all one-time revenues, base General Funds are up 4.0% (or $1.778B) over the same point in FY 2025. With April revenues on the books and year-over-year growth exceeding the projected amount, Illinois appears on pace to close FY 2026 with a slight surplus.

 

To date, personal income tax revenue is up 4.2% (or $1.167B), sales tax revenue is up 4.0% (or $387M), and corporate income tax revenue is down 7.1% (or $344M). Personal income tax has been the largest contributor to growth in FY 2026, benefiting from sustained wage growth and additional business-related revenues flowing through the personal income tax as a result of the true-up process, despite the negative impact of OBBBA changes. Corporate income tax has experienced the inverse effect, losing revenue through the true-up process while absorbing an even greater hit from OBBBA changes. Sales tax growth has continued since the second half of FY 2025, supported by cumulative inflation dating back to the COVID-19 pandemic.

 

All other state sources are up a combined 10.4%, led by 42.4% (or $216M) growth in estate tax collections and 29.7% (or $121M) growth from insurance taxes and fees. Transfers into General Funds are also up a combined 32.6% (or $633M), led by 176.7% (or $447M) growth from the Income Tax Refund Fund, 95.0% (or $153M) growth from sports wagering, and 34.8% (or $55M) growth from gaming. After significantly lagging their FY 2025 totals through most of the first half of FY 2026, federal sources have begun to rebound and are now only 1.4% (or $45M) below their level at this point in FY 2025. With two months remaining, continued year-over-year growth from federal revenues could result in year-end totals meeting or exceeding FY 2025 levels. Lawmakers are expected to pass their budget by May 31, with the new fiscal year beginning July 1.

 

Opposite Chamber Committee Deadline Extensions

Friday, May 8 was supposed to be the deadline for opposite chamber bills to pass out of committees. However, both chambers ended up extending the opposite chamber committee deadlines until May 15 for a large number of bills that were not heard in committee before the May 8 deadline. In practice, the week of May 15 will feel more like the committee deadline. With only three weeks left until the scheduled adjournment date of May 31, prepare for a fast-paced end to the 2026 regular session of the Illinois General Assembly.

 

Important Upcoming Dates – Statewide

May 8– Opposite Chamber Committee Deadline

May 22– Opposite Chamber Third Reading Deadline

May 31– Adjournment

November 3– Illinois General Election

 

In the News

Illinois Senate passes bill requiring expulsion for students that sexually assault a fellow student–The Daily Line,May 8, 2026

The Illinois Senate passed a bill Thursday requiring students who sexually assault or attempt to sexually assault a fellow student at school to be expelled at least one year.

 

Chicago Stars stadium talks heat up as Springfield weighs Bears deal–Crain’s Chicago Business,May 7, 2026

As Illinois lawmakers negotiate incentives that could help the Chicago Bears move to Arlington Heights, Chicago Stars FC is intensifying its own push for state support for a new stadium — potentially on Goose Island.

 

Illinois legislators gear up for final budget talks–Capitol News Illinois, May 7, 2026

Illinois lawmakers are still batting around a variety of budget ideas with just a few weeks left in the legislative session.

Johnson leaves Springfield ‘determined’ after pushing for new city revenue and against Bears suburban move–Chicago Sun-Times,May 7, 2026

In his visit to the statehouse, Chicago’s mayor partnered with other municipalities against a possible cut in state funding. He also made clear to lawmakers Chicago’s NFL team should stay in the city but, in an interview with WBEZ, offered no new sites for a stadium.

 

Opinion: Jim Jey: State revenue gains continue to fall under the category of ‘modest’–News Gazette, May 6, 2026

The state of Illinois received seemingly good April revenue news that unfortunately turned out to be misleading.

 

IL Senate committee approves bill restricting ICE detention center locations–Wand News, May 6, 2026

The Illinois Senate Executive Committee approved a bill Wednesday restricting where the federal government can put ICE detention centers.

 

Mautino Officially Retires As Illinois Auditor General–Starved Rock Media, May 6, 2026

Staying true to his word that one, ten-year term was enough, Frank Mautino of Spring Valley is officially no longer Illinois’ auditor general.

 

Johnson jabs lawmakers over Bears subsidies–Politico, May 6, 2026

Mayor Brandon Johnson is throwing elbows over the Chicago Bears stadium push — even as the rest of the conversation is starting to drift toward what happens if the team bolts from Chicago.

 

Chicago Mayor Brandon Johnson, other leaders press lawmakers for more funding–Capitol News Illinois, May 6, 2026

Chicago Mayor Brandon Johnson and an army of suburban mayors descended on Springfield on Wednesday to call on the General Assembly to boost funding for local governments.

 

Fiscal Year 2026 Illinois budget still expected to be balanced following lack of ‘April Surprise’–The Daily Line,May 6, 2026

With Illinois entering the last two months of the fiscal year, state revenues continue to meet expectations, and the fiscal year 2026 budget is on track to be balanced.

 

Springfield gets some breathing room on state budget–Crain’s Chicago Business,May 5, 2026

State lawmakers are getting some welcome financial news as they prepare to pass a budget for the upcoming fiscal year.

Opinion: This Husky Jewish Billionaire Could be Democrats’ Best Bet in 2028–Politico,May 5, 2026

Illinois Gov. JB Pritzker’s profile is drawing early attention as Democrats look for a candidate that can straddle the party’s ideological divide.

 

Mayor Brandon Johnson’s Springfield wish list: Digital ad tax and other levies — but not the Bears’ bill–Chicago Tribune,May 5, 2026

Mayor Brandon Johnson will head to Springfield this week with a revenue wish list he says Chicago sorely needs, amid ongoing buzz over whether the Chicago Bears will clinch a megaprojects bill to move to Arlington Heights.

Loyola begins work on $230M expansion for nursing, arts and sciences schools in Rogers Park–Crain’s Chicago Business,May 5, 2026

Loyola University is beginning construction on its 195,000-square-foot facility that will house its nursing school and college of arts and sciences beginning in two years.

Chicago mayor to lobby state lawmakers to preserve $12M in potential lost revenue–Fox 32 Chicago, May 4, 2026

Chicago Mayor Brandon Johnson and several other suburban mayors will be lobbying state lawmakers this week in an effort to restore more funding to local governments.

 

Chicago’s top contractors see growth as big projects offset market headwinds–Crain’s Chicago Business, May 4, 2026

Tariff uncertainty and inflation held back new development last year, but big-ticket infrastructure and institutional work helped boost business for Chicago’s two biggest commercial contractors.

 

No ‘April surprise’ in latest revenue report–Capitol News Illinois, May 4, 2026

State revenue growth is on track to meet expectations and there was no “April surprise” from income tax receipts. The Commission on Government Forecasting and Accountability says it is not planning any significant changes to its March revenue projection for the year.

 

Political consultant running for governor as independent–WGN, May 4, 2026

Long-time political consultant Collin Corbett is severing ties with the Republican Party and launching a campaign for Governor as an Independent.

 

DOJ seeking Illinois voter data to purge suspected noncitizens, documents suggest–Capitol News Illinois, May 4, 2026

The Trump administration’s lawsuits seeking access to sensitive voter registration data in Illinois and dozens of other states is one part of a broader effort to purge state voter rolls of suspected noncitizens, according to documents filed recently in federal court in Springfield.

Opinion: New revenue needed for education, property tax relief–News-Gazette, May 4, 2026

Cook County’s treasurer recently released a report that found that county property taxes are too high.

 

New Illinois auditor general takes office as report faults his former agency for audit failures–Chicago Tribune, May 3, 2026

Illinois’ new auditor general began his first official day on the job Friday, alittle more than a week after a bit of irony.

 

Non-partisan expert urges big Illinois budget reform–WGN, May 1, 2026

The General Assembly has until May 31 to pass a budget. Negotiations kicked off when Illinois Gov. JB Pritzker unveiled his plan back in February. Pritzker said his $56 billion spending plan addresses threats of funding cuts under the Trump administration and concerns about rising costs, but the governor is pushing new taxes that are being closely scrutinized by the legislature.

 

Billionaire Illinois Gov. JB Pritzker explores something new in a 2028 run: Raising money–NBC News, May 1, 2026

Illinois Gov. JB Pritzker may be a billionaire, but should the Democrat run for president in 2028, he may for the first time accept fundraising dollars, NBC News has learned.

 

Gov. Pritzker pausing public duties after medical procedure–Chicago Sun-Times, May 1, 2026

A governor’s staffer said Pritzker had a routine outpatient urology procedure Friday and will fulfill his regular duties out of the public eye next week.

 

Opinion: How speculative ticketing threatens Chicago’s cultural economy–Crain’s Chicago Business, May 1, 2026

When you buy a ticket to a live performance, you are buying more than a seat — you are buying an experience. Chicago’s vibrant cultural institutions deliver exactly that, helping make our city a world-class destination.