State Representative Michael Coffey (IL) | Representative Michael J. Coffey, Jr. (R) 95th District
State Representative Michael Coffey (IL) | Representative Michael J. Coffey, Jr. (R) 95th District
The Commission on Government Forecasting and Accountability (CGFA) has released a report indicating a continued decline in state revenue for Illinois. The report, which utilizes cash-flow data from the Illinois Department of Revenue and other relevant departments, shows a significant decrease in income for September 2024 compared to the previous year. In September 2023, the state collected $6,171 million for General Funds spending, but this figure dropped to $5,514 million in September 2024—a reduction of $657 million or 10.6% year-over-year.
Two major sources of recurring income have shown notable declines. Corporate income tax payments decreased by $89 million compared to the previous year, while sales tax payments fell by $45 million during the same period. This suggests a reduction in consumer purchases of taxable goods like motor vehicles and furniture within Illinois.
Economic concerns at both national and global levels have led to an interest rate cut by the U.S. Federal Reserve. While this move aims to stimulate the economy, it also affects state revenues negatively. For instance, Illinois earned $36 million less in interest on its funds and investments in September 2024 than it did one year earlier.
In other news related to energy assistance, applications are now open for the Low-Income Home Energy Assistance Program (LIHEAP). This program offers support with energy bills for eligible households until August 15, 2025, or until funds run out. LIHEAP provides direct payments to energy service providers based on individual family needs.
Illinois continues to face challenges with outmigration as residents leave due to high taxes and an unfavorable job climate. State Representative Mike Coffey highlights "high taxes" as a primary reason for this trend.
On international matters, October 7 marks one year since Hamas militants launched a deadly attack on Israel. The assault resulted in significant casualties and hostages taken, including American citizens. Illinois House Minority Leader Tony McCombie expressed support for Israel following these events.
The conflict has resulted in more than 43,000 deaths in Gaza since its escalation began last year after Hamas's actions provoked an Israeli response.
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