Sandack comments on latest drop in state tax receipts
State Rep. Ron Sandack (R-Downers Grove) published a report on his website compiled by the nonpartisan Commission on Government Forecasting and Accountability (CGFA) for September that indicates the state's tax receipts fell by $382 million compared to September of 2014.
The September shortfall mirrors the negative numbers reported in July and August, Sandack's website said. CGFA’s three-month summary spreadsheet, also published in its September report, shows an accumulated cash flow shortfall of $1.137 billion for the first quarter of fiscal year 2016.
Similar shortfalls are expected to be posted in October, November and December, reflecting a partial phase down of the 2011 income tax increase.
"As each month passes, Illinois’ fiscal crisis worsens, and the necessary solutions increase in terms of complexity and sacrifice by the taxpayers and businesses in this state," Sandack's website said.