Illinois’ income tax revenue for 2013 will top forecasts by $1.3 billion, and the governor says he'll put the money toward the billions the state owes in unpaid bills. 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.
The governor 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 financial mess, which includes a public pension crisis.