Fiscal Year 2013 Estimate for Replacement Taxes

The FY-13 RT allocations are estimated at $1,054 million.  This is a decrease of 14.7% or $182 million from FY-12 allocations that totaled $1,236 million.  The primary reason for the significant decrease is because of statutory requirements. 

The FY-12 allocation was increased by $90.5 million because the state is statutorily required every fiscal year to transfer any unpaid Replacement Tax refund monies from the refund fund to the Personal Property Tax Replacement fund.  Since the state did not pay Replacement Tax refunds during FY-10 and FY-11, the transfer amounts during FY-11 and FY-12 were an increase to the Personal Property Tax Replacement fund.  In FY-12, the state paid all required Replacement Tax refunds to the business taxpayers by June 30, 2012.  This resulted in a deficit in the Replacement Tax refund fund which must now be transferred out of the Personal Property Tax Replacement fund.  This amount is $91.2 million.  In short, local governments received monies in prior years that now must be repaid pursuant to 35 ILCS 5/901(d) (4).

Detailed listing of all local districts which are entitled to receive an allocation for Fiscal Year 2013 (July 1, 2012 through June 30, 2013)The list contains the following information:

  • District name
  • District number
  • FY 2013 estimated amount
  • FY 2012 actual disbursement amount
  • Vendor number

This information may be considered certified by the Director of the Illinois Department of Revenue in accordance with 50 ILCS 420, Tax Anticipation Note Act.

Please note that the Illinois Department of Revenue and staff shall in no way be liable for error or miscalculation in certification of 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" - 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.