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Illinois tax revenue to top forecast by $1.3 billion

10:31 AM, May 7, 2013   |    comments
Illinois Gov. Pat Quinn.
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CHICAGO (AP) - Gov. Pat Quinn says income tax revenue for 2013 will top forecasts by $1.3 billion. He says he'll put the money toward the billions the state owes in unpaid bills.

The governor's office said Tuesday the money was a one-time windfall resulting from businesses and individuals selling assets or taking early dividends in anticipation of higher federal tax rates.

Quinn says the money is welcome but a one-time bump in revenue will not help fix the problem in the long run.

Illinois owes billions to businesses, charities and local governments performing some of the state's most essential services. The problem adds to the state's huge financial mess, which includes a soaring public pension crisis.

Quinn said Tuesday the focus must be on "restoring Illinois to full fiscal responsibility."

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Associated Press

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