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Fiscal Year 2017 Estimate for Replacement Taxes

In accordance with current statute, the Illinois Department of Revenue is required to provide an estimated entitlement* of the amount of Personal Property Replacement Taxes for Fiscal Year 2017.

The FY17 replacement tax allocations are estimated at $1,180 million. This is a decline of 10.64% from FY16 replacement tax allocations that totaled $1,320 million.

Replacement tax allocations are estimated to be lower for several reasons: replacement tax revenues are expected to be flat, the calculation error has been corrected, and the business income tax refund fund percentage has increased from 15.14% in FY16 to 17% in FY17. In addition, a $100 million expenditure out of the personal property replacement tax fund was authorized by SB2047.

SB2047 , which allocates nearly $100 million to local community college districts, serves as the first installment of the recoupment of the PPRT overpayments to local taxing districts.

A detailed listing of the approximate 6,500 local taxing districts which are entitled to receive an allocation for Fiscal Year 2017 (July 1, 2016 through June 30, 2017) is available here. The list contains the following information:

  • District name
  • District number
  • FY 2017 estimated amount
  • FY 2016 actual disbursement amount
  • Vendor number

This information may be considered certified by the Director of the Illinois Department of Revenue solely for purposes of allowing local taxing districts to issue tax anticipation notes, in accordance with 50 ILCS 420/1 et seq., Tax Anticipation Note Act.

These numbers represent an estimate based on the best available economic data. The actual amount a local government will receive may vary. Please note that the Illinois Department of Revenue and its staff shall in no way be liable for error or miscalculation in certification of these entitlements .

* Entitlement - the amount of the Replacement Tax paid or to be paid in any given full year to a unit of government.

Replacement taxes are the tax or taxes, as by law now or hereafter enacted or amended, imposed by the General Assembly to replace revenue lost by units of government as a result of the abolition of ad valorem personal property taxes pursuant to Article IX, Section 5(c) of the Constitution of the State of Illinois.