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Tax amnesty delivers $80 million to
schools,
local governments
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[JAN. 8, 2004]
SPRINGFIELD -- Gov. Blagojevich announced Wednesday that
Illinois schools and local governments throughout the state will
receive an additional $80 million as a result of the Illinois Tax
Amnesty program.
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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
replacement 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
[to top of second column in
this article]
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A
complete list is
available on the Department of Revenue website at
www.ILtax.com.
[To download the Adobe Acrobat
reader for the list, click here.]
The Illinois Tax
Amnesty program that ran from Oct. 1 through Nov. 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 receive a $185
million boost from tax amnesty, while local governments will receive
an additional $92 million.
[News release from the
governor's office]
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