Illinois coal costs the state more than it brings in, according to a new report. An analysis of the coal industry during fiscal year 2011, conducted by the Center for Tax and Budget Accountability and the West Virginia environmental company Downstream Strategies, says the coal industry is depleting the Illinois economy.
According to Emily Rosenwasser, Illinois regional secretary for the Beyond Coal Campaign, in fiscal year 2011, the coal industry drained nearly $20 million from the Illinois state budget in subsidies and expenditures related to supporting the coal industry.
One way the report says revenue from the coal industry can be enhanced is by implementing a severance tax. According to Amanda Kass, a research and policy specialist for the Center for Tax and Budget Accountability, if Illinois had had a severance tax in 2011, it would have brought in about $100 million of new additional revenue to the state.
The report is called the impact of coal on the Illinois state budget.