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What are personal property replacement taxes (PPRT)?

Answer #242 -- ( Published 08/23/2005 11:02 AM | Updated 07/12/2017 10:41 AM )

What are personal property replacement taxes (PPRT)?

Replacement taxes are revenues collected by the state of Illinois and paid to local governments to replace money that was lost by local governments when their powers to impose personal property taxes on corporations, partnerships, and other business entities were taken away. These taxes resulted when the new Illinois Constitution directed the legislature to abolish business personal property taxes and replace the revenue lost by local government units and school districts. In 1979, a law was enacted to provide for statewide taxes to replace the monies lost to local governments.

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