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Fiscal Year 2023 Estimate for Replacement Taxes

​In accordance with Illinois statute (50 ILCS 420/4.1), the Illinois Department of Revenue is required to provide an estimated entitlement* of the amount of Personal Property Replacement Taxes ("PPRT")** for Fiscal Year 2023.

The Fiscal Year 2023 PPRT allocations are estimated at $4.320 billion. This is an increase of 7.5% from Fiscal Year 2022 PPRT allocations that totaled $4.018 billion.

PPRT allocations are estimated to be higher for the following reasons:

  • There will be three transfers from the Income Tax Refund Fund to the Personal Property Tax Fund in August, September, and October 2022 totaling approximately $359 million.  These statutory transfers are because the estimated deposits into the Income Tax Refund Fund exceeded the money paid out for PPRT refunds in Fiscal Year 2022.
  • A decline in the refund fund diversion rate will lead to an additional $23 million deposited into the PPRT fund.

A detailed listing of the approximate 6,500 local taxing districts which are entitled to receive an allocation for Fiscal Year 2023 (July 1, 2022 through June 30, 2023) is available here. The list contains the following information:

  • District name
  • District number
  • FY 2023 estimated amount
  • FY 2022 actual disbursement amount
  • Vendor number

This information may be considered certified by the Director of the Illinois Department of Revenue solely for purposes of allowing local taxing districts to issue tax anticipation notes, in accordance with 50 ILCS 420/1 et seq., Tax Anticipation Note Act.

These numbers represent an ESTIMATE based on the best available economic data. The actual amount a local government will receive may vary. Please note that the Illinois Department of Revenue is not 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.

** "Personal Property 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.