19
October , 2018
Friday

Email This Post Email This Post

Collections include $244 million for state pension systems


CHICAGO, IL – Illinois Attorney General Lisa Madigan announced that her office collected a record-breaking $1.3 billion in 2014 on behalf of the State of Illinois.

Through a combination of litigation and collection efforts, Madigan’s office generated over $43 for every general revenue dollar appropriated to the office in 2014. Since Madigan took office, total collections have reached over $11 billion.

“My office works to maximize revenue to support critical programs and services, and last year we generated a record-breaking total while operating with the lowest level of taxpayer funding in over a decade,” Madigan said. “Given the state’s fiscal crisis, we’re doing everything we can to generate much-needed funds for the state.”

Madigan’s office operated in 2014 with an appropriation from the state’s general revenue fund of $30,843,200 – which remains lower than the level of funding that the office received in 1997. Attorney General Madigan’s office generated $43.24 for every state general revenue dollar the office received in 2014.

In 2014, the Attorney General’s office generated nearly $344.8 million through collections litigation for damage to state property, child support, unpaid educational loans, fines and penalties. In addition, the Attorney General’s office collected $306.8 million through tobacco litigation and $317.6 million in estate tax revenues.

Overall, the Attorney General’s office collected a total of $1,333,711,626.07 in 2014. In addition to the collections, tobacco and estate tax revenues generated in 2014, Madigan’s office secured millions stemming from her aggressive litigation efforts on behalf of the state. Madigan returned $244 million last year to the state’s pension systems to cover losses sustained from investments in mortgage-backed securities that contributed to the 2008 economic collapse, bringing her total state pension system recoveries to nearly $400 million. Additionally, Madigan’s office secured nearly $120 million in 2014 through settlement agreements with several major pharmaceutical manufacturers for defrauding the state’s Medicaid program by inflating wholesale prices. In an ongoing effort, Madigan’s office also has secured almost $100 million in unpaid gasoline sales taxes through a joint enforcement initiative with the Illinois Department of Revenue. This pending effort aims to crack down on gas station owners who have evaded paying sales taxes by falsely under-reporting sales figures, causing the loss of millions of dollars in state tax revenue.

You can leave a response, or trackback from your own site.

Leave a Reply

You must be logged in to post a comment.

Recent Comments

Welcome to CopyLine Magazine! The first issue of CopyLine Magazine was published in November, 1990, by Editor & Publisher Juanita Bratcher. CopyLine’s main focus is on the political arena – to inform our readers and analyze many of the pressing issues of the day - controversial or otherwise. Our objectives are clear – to keep you abreast of political happenings and maneuvering in the political arena, by reporting and providing provocative commentaries on various issues. For more about CopyLine Magazine, CopyLine Blog, and CopyLine Television/Video, please visit juanitabratcher.com, copylinemagazine.com, and oneononetelevision.com. Bratcher has been a News/Reporter, Author, Publisher, and Journalist for 33 years. She is the author of six books, including “Harold: The Making of a Big City Mayor” (Harold Washington), Chicago’s first African-American mayor; and “Beyond the Boardroom: Empowering a New Generation of Leaders,” about John Herman Stroger, Jr., the first African-American elected President of the Cook County Board. Bratcher is also a Poet/Songwriter, with 17 records – produced by HillTop Records of Hollywood, California. Juanita Bratcher Publisher

Recent Posts