Illinois gaining extra revenue thanks to federal taxes

By WEEK Producer

May 7, 2013 Updated May 8, 2013 at 11:20 AM CDT

ILLINOIS -- Illinois is going to have a little extra money in its coffers thanks to federal taxes.

Governor Quinn's office reported that the state expects to receive an additional $1.3 billion in taxes this year.

The extra money is the result of businesses and individuals selling assets or taking dividends early in anticipation of higher federal tax rates.

Those tax rates are expected to go into affect next year, meaning that this bump in revenue is only a one time deal.

Quinn said the extra cash will go towards the state's backlog of unpaid bills.