As soon as may be after the end of each month, the Department of Revenue
shall certify to the Treasurer and the Comptroller the amount of all refunds
paid out of the General Revenue Fund through the preceding month on account
of overpayment of liability on taxes paid into the Personal Property Tax
Replacement Fund. Upon receipt of such certification, the Treasurer and
the Comptroller shall transfer the amount so certified from the Personal
Property Tax Replacement Fund into the General Revenue Fund.
The payments of revenue into the Personal Property Tax Replacement Fund
shall be used exclusively for distribution to taxing districts, regional offices and officials, and local officials as provided
in this Section and in the School Code, payment of the ordinary and contingent expenses of the Property Tax Appeal Board, payment of the expenses of the Department of Revenue incurred
in administering the collection and distribution of monies paid into the
Personal Property Tax Replacement Fund and transfers due to refunds to
taxpayers for overpayment of liability for taxes paid into the Personal
Property Tax Replacement Fund.
In addition, moneys in the Personal Property Tax
Replacement Fund may be used to pay any of the following: (i) salary, stipends, and additional compensation as provided by law for chief election clerks, county clerks, and county recorders; (ii) costs associated with regional offices of education and educational service centers; (iii) reimbursements payable by the State Board of Elections under Section 4-25, 5-35, 6-71, 13-10, 13-10a, or 13-11 of the Election Code; (iv) expenses of the Illinois Educational Labor Relations Board; and (v) salary, personal services, and additional compensation as provided by law for court reporters under the Court Reporters Act.
As soon as may be after June 26, 1980 (the effective date of Public Act 81-1255),
the Department of Revenue shall certify to the Treasurer the amount of net
replacement revenue paid into the General Revenue Fund prior to that effective
date from the additional tax imposed by Section 2a.1 of the Messages Tax
Act; Section 2a.1 of the Gas Revenue Tax Act; Section 2a.1 of the Public
Utilities Revenue Act; Section 3 of the Water Company Invested Capital Tax Act;
amounts collected by the Department of Revenue under the Telecommunications Infrastructure Maintenance Fee Act; and the
additional personal
property tax replacement income tax imposed by
the Illinois Income Tax Act, as amended by Public
Act 81-1st Special Session-1. Net replacement revenue shall be defined as
the total amount paid into and remaining in the General Revenue Fund as a
result of those Acts minus the amount outstanding and obligated from the
General Revenue Fund in state vouchers or warrants prior to June 26, 1980 (the effective
date of Public Act 81-1255) as refunds to taxpayers for overpayment
of liability under those Acts.
All interest earned by monies accumulated in the Personal Property
Tax Replacement Fund shall be deposited in such Fund. All amounts allocated
pursuant to this Section are appropriated on a continuing basis.
Prior to December 31, 1980, as soon as may be after the end of each quarter
beginning with the quarter ending December 31, 1979, and on and after
December 31, 1980, as soon as may be after January 1, March 1, April 1, May
1, July 1, August 1, October 1 and December 1 of each year, the Department
of Revenue shall allocate to each taxing district as defined in Section 1-150
of the Property Tax Code, in accordance with
the provisions of paragraph (2) of this Section the portion of the funds held
in the Personal Property Tax Replacement Fund which is required to be
distributed, as provided in paragraph (1), for each quarter. Provided,
however, under no circumstances shall any taxing district during each of the
first two years of distribution of the taxes imposed by Public Act 81-1st Special Session-1 be entitled to an annual allocation which is less than the funds such
taxing district collected from the 1978 personal property tax. Provided further
that under no circumstances shall any taxing district during the third year of
distribution of the taxes imposed by Public Act 81-1st Special Session-1 receive less
than 60% of the funds such taxing district collected from the 1978 personal
property tax. In the event that the total of the allocations made as above
provided for all taxing districts, during either of such 3 years, exceeds the
amount available for distribution the allocation of each taxing district shall
be proportionately reduced. Except as provided in Section 13 of this Act, the
Department shall then certify, pursuant to appropriation, such allocations to
the State Comptroller who shall pay over to the several taxing districts the
respective amounts allocated to them.
Any township which receives an allocation based in whole or in part upon
personal property taxes which it levied pursuant to Section 6-507 or 6-512
of the Illinois Highway Code and which was previously
required to be paid
over to a municipality shall immediately pay over to that municipality a
proportionate share of the personal property replacement funds which such
township receives.
Any municipality or township, other than a municipality with a population
in excess of 500,000, which receives an allocation based in whole or in
part on personal property taxes which it levied pursuant to Sections 3-1,
3-4 and 3-6 of the Illinois Local Library Act and which was
previously
required to be paid over to a public library shall immediately pay over
to that library a proportionate share of the personal property tax replacement
funds which such municipality or township receives; provided that if such
a public library has converted to a library organized under the Illinois
Public Library District Act, regardless of whether such conversion has
occurred on, after or before January 1, 1988, such proportionate share
shall be immediately paid over to the library district which maintains and
operates the library. However, any library that has converted prior to January
1, 1988, and which hitherto has not received the personal property tax
replacement funds, shall receive such funds commencing on January 1, 1988.
Any township which receives an allocation based in whole or in part on
personal property taxes which it levied pursuant to Section 1c of the Public
Graveyards Act and which taxes were previously required to be paid
over to or used for such public cemetery or cemeteries shall immediately
pay over to or use for such public cemetery or cemeteries a proportionate
share of the personal property tax replacement funds which the township
receives.
Any taxing district which receives an allocation based in whole or in
part upon personal property taxes which it levied for another
governmental body or school district in Cook County in 1976 or for
another governmental body or school district in the remainder of the
State in 1977 shall immediately pay over to that governmental body or
school district the amount of personal property replacement funds which
such governmental body or school district would receive directly under
the provisions of paragraph (2) of this Section, had it levied its own
taxes.
(1) The portion of the Personal Property Tax Replacement Fund required to be distributed
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The Personal Property Replacement Ratio of each taxing district
outside Cook County shall be the ratio which the Tax Base of that taxing
district bears to the Downstate Tax Base. The Tax Base of each taxing
district outside of Cook County is the personal property tax collections
for that taxing district for the 1977 tax year. The Downstate Tax Base
is the personal property tax collections for all taxing districts in the
State outside of Cook County for the 1977 tax year. The Department of
Revenue shall have authority to review for accuracy and completeness the
personal property tax collections for each taxing district outside Cook
County for the 1977 tax year.
The Personal Property Replacement Ratio of each Cook County taxing
district shall be the ratio which the Tax Base of that taxing district
bears to the Cook County Tax Base. The Tax Base of each Cook County
taxing district is the personal property tax collections for that taxing
district for the 1976 tax year. The Cook County Tax Base is the
personal property tax collections for all taxing districts in Cook
County for the 1976 tax year. The Department of Revenue shall have
authority to review for accuracy and completeness the personal property tax
collections for each taxing district within Cook County for the 1976 tax year.
For all purposes of this Section 12, amounts paid to a taxing district
for such tax years as may be applicable by a foreign corporation under the
provisions of Section 7-202 of the Public Utilities Act, as amended,
shall be deemed to be personal property taxes collected by such taxing district
for such tax years as may be applicable. The Director shall determine from the
Illinois Commerce Commission, for any tax year as may be applicable, the
amounts so paid by any such foreign corporation to any and all taxing
districts. The Illinois Commerce Commission shall furnish such information to
the Director. For all purposes of this Section 12, the Director shall deem such
amounts to be collected personal property taxes of each such taxing district
for the applicable tax year or years.
Taxing districts located both in Cook County and in one or more other
counties shall receive both a Cook County allocation and a Downstate
allocation determined in the same way as all other taxing districts.
If any taxing district in existence on July 1, 1979 ceases to exist,
or discontinues its operations, its Tax Base shall thereafter be deemed
to be zero. If the powers, duties and obligations of the discontinued
taxing district are assumed by another taxing district, the Tax Base of
the discontinued taxing district shall be added to the Tax Base of the
taxing district assuming such powers, duties and obligations.
If two or more taxing districts in existence on July 1, 1979, or a
successor or successors thereto shall consolidate into one taxing
district, the Tax Base of such consolidated taxing district shall be the
sum of the Tax Bases of each of the taxing districts which have consolidated.
If a single taxing district in existence on July 1, 1979, or a
successor or successors thereto shall be divided into two or more
separate taxing districts, the tax base of the taxing district so
divided shall be allocated to each of the resulting taxing districts in
proportion to the then current equalized assessed value of each resulting
taxing district.
If a portion of the territory of a taxing district is disconnected
and annexed to another taxing district of the same type, the Tax Base of
the taxing district from which disconnection was made shall be reduced
in proportion to the then current equalized assessed value of the disconnected
territory as compared with the then current equalized assessed value within the
entire territory of the taxing district prior to disconnection, and the
amount of such reduction shall be added to the Tax Base of the taxing
district to which annexation is made.
If a community college district is created after July 1, 1979,
beginning on January 1, 1996 (the effective date of Public Act 89-327), its Tax Base
shall be 3.5% of the sum of the personal property tax collected for the
1977 tax year within the territorial jurisdiction of the district.
The amounts allocated and paid to taxing districts pursuant to
the provisions of Public Act 81-1st Special Session-1 shall be deemed to be
substitute revenues for the revenues derived from taxes imposed on
personal property pursuant to the provisions of the "Revenue Act of
1939" or "An Act for the assessment and taxation of private car line
companies", approved July 22, 1943, as amended, or Section 414 of the
Illinois Insurance Code, prior to the abolition of such taxes and shall
be used for the same purposes as the revenues derived from ad valorem
taxes on real estate.
Monies received by any taxing districts from the Personal Property
Tax Replacement Fund shall be first applied toward payment of the proportionate
amount of debt service which was previously levied and collected from
extensions against personal property on bonds outstanding as of December 31,
1978 and next applied toward payment of the proportionate share of the pension
or retirement obligations of the taxing district which were previously levied
and collected from extensions against personal property. For each such
outstanding bond issue, the County Clerk shall determine the percentage of the
debt service which was collected from extensions against real estate in the
taxing district for 1978 taxes payable in 1979, as related to the total amount
of such levies and collections from extensions against both real and personal
property. For 1979 and subsequent years' taxes, the County Clerk shall levy
and extend taxes against the real estate of each taxing district which will
yield the said percentage or percentages of the debt service on such
outstanding bonds. The balance of the amount necessary to fully pay such debt
service shall constitute a first and prior lien upon the monies
received by each such taxing district through the Personal Property Tax
Replacement Fund and shall be first applied or set aside for such purpose.
In counties having fewer than 3,000,000 inhabitants, the amendments to
this paragraph as made by Public Act 81-1255 shall be first
applicable to 1980 taxes to be collected in 1981.
(Source: P.A. 102-16, eff. 6-17-21; 102-699, eff. 4-19-22; 103-8, eff. 6-7-23.)
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