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News – Wednesday, August 5, 2020
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Local Governments: Fiscal Year 2021 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 ("PPRT")** for Fiscal Year 2021.
The Fiscal Year 2021 PPRT allocations are estimated at $1,200 million. This is a decrease of 17.4% from Fiscal Year 2020 PPRT allocations that totaled $1,453 million.
* Entitlement - the amount of the Replacement Tax paid or to be paid in any given full year to a unit of government.
** "Personal Property 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.