Illinois DOR Confirms Personal Property Replacement Tax Payments to Local Governments

The Illinois Department of Revenue (IDOR) July 1 confirmed that personal property replacement tax payments are made directly to the treasurer or fiscal officer of each local taxing district, based on the tax levy from 1976 or 1977. Tax professionals are to refer to the relevant tax allocation guide for further details. [Ill. Dep’t of Rev, Personal Property Replacement Tax Payments to Local Governments, 07/01/24]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.