From May to December, the amount of income-tax revenues that the state gives to municipalities has decreased by 16 percent compared with the same time last year, according to the Illinois Municipal League
Started in 1969, the state income tax simply had gone flat during past recessions but had never taken a dive like the one it currently is experiencing, said Larry Frang, executive director of the Illinois Municipal League….Frang didn’t foresee a turnaround in the next 12 months, he said, but the revenues should start falling at a slower rate.
Click on the following for some information on McHenry County communities’ response to the downturn: Northwest Herald | Municipalities face lean 2009, expect same for 2010
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