Reports

Corporate Personal Property Replacement Tax Revenue and K-12 Education Funding in Illinois: Volume II

Corporate Personal Property Replacement Tax Revenue and K-12 Education Funding in Illinois: The Intersection of Taxes and Education Policy

RELEASED: 

June 25, 2024

The aggregate Personal Property Replacement Tax ("PPRT") revenue for all school districts has had an unprecedented surge once again in FY 2024, following the notable increase in FY 2023, outlined in Volume II of this Report, "CPPRT and K-12 Education Funding in Illinois." Between FY 2022 and FY 2024, PPRT has hit a record increase of 255 percent. While that revenue is a welcome addition to school district resources, it is projected that it will decline back to its historical levels in the FY 2025 EBF calculations. This Report takes a look at how the Personal Property Replacement Tax is a relatively odd revenue source that allocates revenue to school districts in accordance with their respective collections of Personal Property Tax revenue in either 1976 or 1977 and how this revenue source has impacted Adequacy Gaps and therefore New Tier Funding across the state.

Topics:Education

Tags:K-12 Education, Tax, Revenue, FY 2024 Budget

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