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No personal property tax
- Illinois also has high property taxes when compared with the rest of the country, but there is no personal property tax in the Prairie State.
www.kiplinger.com/state-by-state-guide-taxes/illinois
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Personal property replacement taxes (PPRT) 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.
Aug 29, 2023 · While some states, such as Illinois and Ohio, do not impose personal property taxes at all, others, such as Vermont and Kansas, do. Still, some other states only apply personal property taxes on certain types of property, like vehicles. Here is a summary of the states that have personal property taxes and their effective property tax rates:
Learn about personal property taxes, including what qualifies as taxable property, how taxes are assessed & payment requirements. Get insights into exemptions & how to manage your personal property tax obligations.
In 1969, the personal property tax on individuals was eliminated as a part of the creation of Illinois’ first income tax. Delegates to the Sixth Illinois Constitutional Convention, who drafted the 1970 Illinois Constitution, understood that revenue lost from the personal property tax on businesses would harm local government services. The ...
Notably, Illinois levies high income tax rates on businesses, in large part due to its personal property replacement tax (PPRT), which imposes an additional rate of 2.5 percent on corporations and 1.5 percent on certain pass-through businesses above the base corporate and individual income tax rates, respectively.
Sep 27, 2018 · Illinois also imposes a personal property replacement tax, imposed on the same basis as the corporate income tax (35 ILCS 5/201(c)).
Feb 26, 2024 · Illinois also has high property taxes when compared with the rest of the country, but there is no personal property tax in the Prairie State. [Data for this state tax guide was gathered...
