Illinois State Comptroller Susana Mendoza issued the following statement regarding today’s announcement that Illinois will extend the deadline for state income tax filing:
“While extending the state’s tax filing deadline to July 15, 2020, creates some needed relief for taxpayers, it also results in a significant delay in revenue for the state in the short term. Traditionally, April is the state’s best revenue month. The receipts that come in from Illinois taxpayers in April allow us to address bills from low-revenue-producing months such as February.
“In addition to the short-term revenue delay, given the COVID-19 crisis and necessary emergency response, we, like the rest of the country, can anticipate a future loss in revenue from lower payroll and sales tax receipts this fiscal year. It is too early to measure the financial impact.
“Postponing the state tax filing deadline will be a challenge to the state and our office’s cash-management duties, but it is a responsibility we are prepared to meet. Over the last three years, the Illinois Office of Comptroller has proven itself to be well-experienced in managing fiscal crises, and we are prepared for the demanding times ahead.
“We will continue to make critical payments for debt service, state payrolls, K-12 schools, our social and human service providers, and required pension payments. We will prioritize state payments to our hospitals, doctors and everyday heroes on the front lines fighting COVID-19.
“I appreciate Governor Pritzker’s incredible leadership through this ordeal. It’s been an honor to work with him and Treasurer Frerichs, and we will continue to work together, utilizing every budget and statutory tool available to us to get Illinois through this crisis, this budget year and into the next.”
To view Comptroller Mendoza’s video message regarding today’s announcement, visit this link.