CHICAGO -Illinois faces a $750 million shortfall in its current budget and another $91 million in fiscal 2009 as the state grapples with an economic slump that is hurting sales tax and corporate income tax collections, according to updated revenue estimates released yesterday.

The state now expects to collect $29.4 billion in base revenues for fiscal 2008 that runs through June 30. That figure is nearly half of the $1.6 billion increase previously projected over the last fiscal year, leaving a roughly $750 million hole to plug, according to Jim Muschinske, revenue manager for the bipartisan Fiscal Commission on Government Forecasting and Accountability. The current fiscal year started out strong in the first half, but some tax collections have plunged in the start of the second half and the slowdown in growth is expected to continue into the last quarter of the fiscal year.

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