Illinois collected about $576 million more in fiscal 2012 than predicted, the Illinois Commission on Forecasting and Accountability reported in its review of fiscal year-end results.
Total revenues reached $33.8 billion, up 1.7% from an expected $33.2 billion.
Base revenues grew a total of $3.3 billion in fiscal 2012, compared to the previous year. The state's January 2011 income tax hike drove the increase and helped offset reduced federal funds.
Income taxes totaled $18 billion, including $15.5 billion in personal income taxes and $2.5 billion in corporate income taxes.
The commission warned the collection trend may not hold in the current fiscal year, due to economic factors such as uncertainties over U.S. fiscal policy, Euro zone fiscal policy and the outcome of the fall election, which "are all conspiring to hold down expectations."
