State tax collections surpassed expectations during pandemic, report shows
The financial impact of the COVID-19 pandemic on Illinois’ revenue was not as bad as once anticipated, according to new report from the University of Illinois’ Institute of Government and Public Affairs.
While the state saw significant losses in revenue last year because of the COVID-19 pandemic, residents “began to adapt their behavior,” which generated higher-than-anticipated spending, according to the report, which was released Tuesday. As a result, Illinois’ finances were more stable during the second half of 2020 than in the early months of the year.
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