Report: Illinois Looking At One Billion-Dollars Less This Year
July 8, 2020 2:17PM CDT
Illinois‘ fiscal situation is getting worse. A new report says the state is looking at a billion-dollar shortfall in tax collections this year. The drop is almost entirely to blame on the coronavirus, the shutdown, and the massive jump in unemployment. But that’s not the only money Illinois will need to replace. The state is getting ready to borrow up to five billion-dollars from the federal government for day-to-day operations this year. That money will need to be paid back at some point.