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State Guide21st StateEst. 1818
Illinois State Flag

Illinois IL

"The Prairie State"

Home to one of the world's great cities, the Land of Lincoln, the birthplace of the skyscraper, and the global center of futures trading. Illinois is a state of enormous contrasts, towering lakefront skylines and flat prairie farmland, world-class cultural institutions and a political corruption legacy that is genuinely unrivaled. Few states have shaped American history, culture, and commerce more deeply.

Illinois state finances at a glance

State Debt - FY2024

$43.4 billion

Total state government debt outstanding at the close of fiscal 2024, including long-term bonds and short-term borrowing across state agencies and public universities.

Tax Revenue - FY2024

$67.7 billion

Total Illinois state tax collections in fiscal 2024, led by the individual income tax ($23B) and the general sales tax ($16B).

Borrowing

Illinois is the lowest-rated state and a heavy borrower, issuing general obligation bonds, including pension obligation bonds, and Build Illinois sales-tax revenue bonds. All are sold to investors in the municipal market, at interest rates that carry a penalty over higher-rated states. The state reported about $2.5 billion in interest on its debt in fiscal 2024.

Source: U.S. Census Bureau, 2024 Annual Survey of State Government Finances.

21st
State admitted to the Union
12.5M
Population, 6th largest state
3rd
Largest city in America (Chicago)
#1
Nuclear power-producing state
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