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 2022.
The Fiscal Year 2022 PPRT allocations are estimated at $2,107 million. This is an increase of 14.3% from Fiscal Year 2021 PPRT allocations that totaled $1,843 million.
A detailed listing of the approximate 6,500 local taxing districts which are entitled to receive an allocation for Fiscal Year 2022 (July 1, 2021 through June 30, 2022) is available here.
* 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.