Declining Fuel Tax and Gambling Revenues Could Threaten Illinois Infrastructure Projects Continue reading “REPORT: COVID-19 Could Cost Illinois as Much as $560 Million in Transportation Revenues in 2020 Alone”
Despite GDP Growth, Motor Fuel Tax Revenue Declines in Illinois
Despite modest economic growth, motor fuel tax revenue has fallen significantly in Illinois. The Illinois economy has grown by 31.2% since 2005, not adjusted for inflation. Meanwhile, an analysis of Illinois’ Comprehensive Annual Financial Reports finds that nominal motor fuel tax revenue collected has fallen by 9.4% since 2005.
If Motor Fuel Taxes had been adjusted for inflation over the past 23 years, the state would have generated $10 billion in additional transportation revenues, according to a new report from the Illinois Economic Policy Institute [PDF]. Despite the 25 … Continue reading $10 Billion Lost Over 23 Years