The Illinois Commission on Government Forecasting and Accountability (CGFA) reported Illinois sales-tax collection declined 4.5% year-over-year in the month of June.
The report’s indication of a consumer pull back reinforces data from NFIB’s monthly Small Business Economic Trends Survey (SBET). In the June SBET, more small-business respondents reported declining sales than reported increasing sales. (A net negative 12% reported higher sales.)
Even more jarring, a net negative 29% of small-business owners reported higher earnings over the past six months.
“Consumers walloped by inflation appear to be cutting expenditures,” said Noah Finley, Illinois NFIB State Director. “This pull back—if it continues—could significantly impact Main Street businesses, especially as small businesses continue to face regulatory headwinds at both the state and federal level.”
Other state tax revenues for June were mixed. Personal income tax revenues climbed 16.3% while net corporate income taxes declined 11.0% year over year.
