How much money has the state collected from taxpayers since July 1?
|Type||Current FY Amount||Previous FY Amount|
|Personal Property Replacement||$1,160,495,376.10||$1,690,405,240.52|
About Income Tax
The income tax is the largest generator of state revenues. Most of the individual and corporate income tax revenues are deposited into the state’s General Funds, but a portion is deposited into the Income Tax Refund Fund to be set aside for the payment of refunds to individuals and corporations.
About Personal Property Replacement Tax
PPRT is an income tax on corporations, business partnerships, trusts, and "S" corporations. The revenues are primarily allocated to local governments to replace the personal property tax that was abolished by the Illinois Constitution of 1970. The State does not retain these revenues.