Illinois Department of Revenue
 
 
Local Government
 
 
 
 
 

FY 2008 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** for Fiscal Year 2008.

Personal Property Replacement Taxes to be allocated for FY 2008 is estimated to be $1,435 million. This represents an increase of 1.4 percent over last fiscal year, which is directly the result of the estimated increase in the state's expanding economy, a reduction in the refund fund, and the end of year reconciliation of funds.

Click here for a detailed listing of all local districts which are entitled to receive an allocation for Fiscal Year 2008 (July 1, 2007 through June 30, 2008). The list contains the following information:

  • District name
  • District number
  • FY 2008 estimated amount
  • FY 2007 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.

 
 
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