A recent tax system modernization initiative at the Illinois Department of Revenue (IDOR) has uncovered a misallocation to the Personal Property Replacement Tax (PPRT) Fund that began under the Quinn administration. The error has resulted in overpayment of an estimated $168 million to the taxing districts that receive PPRT disbursements. Approximately 6,500 districts are impacted by the misallocation that began in 2014. Monticello CUSD 25 owes the State $830,884. The City of Monticello owes $153,806 and Piatt County owes $222,537.
Representative Mitchell was in Monticello Monday to announce his legislation with local school officials.
“Today is the 300th day of the State of Illinois not having a budget. We have $7 billion in unpaid bills, owe 50,000-plus vendors and are pro-rating funding for our schools. We have no business demanding repayment of millions of dollars from local governments and schools already facing financial difficulties. The State messed up and misallocated PPRT funds, through no fault of our local officials. My legislation forgives the overpayment, allowing local districts to keep the funds, rather than having to repay the State,” said Rep. Mitchell.