Illinois DOR Issues Information on the Purpose of Personal Property Replacement Tax

The Illinois Department of Revenue (IDOR) July 1 issued information explaining the origins and purpose of the personal property replacement taxes (PPRTs). The information includes: 1) that PPRTs were established in 1979 to compensate local governments for the loss of their ability to impose personal property taxes on businesses; and 2) guidance to tax allocations and calculation of the proportionate share of personal property replacement taxes for local governments. [Ill. Dep’t of Revenue, What are personal property replacement taxes (PPRT)?, 07/01/24]

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