SPRINGFIELD – Governor Blagojevich today announced that Illinois schools and local governments throughout the state will receive an additional $80 million as a result of the Illinois Tax Amnesty Program.
“Amnesty is providing the same benefit to hard pressed local governments that it gave state government,” said Gov. Blagojevich. “Our successful tax amnesty program has already brought needed revenues to more than 6,000 Illinois schools and local governments.”
In December and January, the Department of Revenue allocated personal property replacements taxes of $243 million to schools and local governments, an $80 million addition due to tax amnesty collections.
The personal property replacement tax, a 2.5 percent surcharge on the state corporate income tax, is collected on state corporate income tax returns and allocated to local governments.
A sampling of schools and local governments receiving additional money from the tax amnesty program are:
Chicago Public Schools $11,203,204
Danville City government $101,204
Moline School District 40 $284,107
Murphysboro Public Schools $20,689
Quincy City government $193,085
Springfield City government $167,894
A complete list is available on the Department of Revenue web site at www.ILtax.com
The Illinois Tax Amnesty program that ran from October 1 through November 17 was the most successful state amnesty program ever, bringing in more than $530 million.
The Department of Revenue projects that in the current budget year state government will received a $185 million boost from tax amnesty, while local governments will receive an additional $92 million.