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Replacement taxes 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.
Replacement tax is collected from corporations, subchapter S corporations, partnerships, and trusts by the State of Illinois and paid to local governments. Corporations submit their replacement tax along with their state income tax payments. Estimated payments are made quarterly.
If you have an Illinois net loss for this tax year, you must file Form IL-1120-ST reporting the loss in order to carry the loss forward to another year. If corrections have been made to the loss amount (e.g., federal audit or amended return), you must report the corrected amount when you file.
Who pays these taxes? Corporations, partnerships, trusts, S corporations and public utilities pay these taxes.
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.
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Visit tax.illinois.gov to make your payment electronically. You must use one of our electronic payment options if the Department has notified you that you are required to make payments electronically.
If you have a corporation that (1) has net income or loss, or (2) is qualified to conduct business in the state of Illinois, you will need to file Form IL-1120.
To make your payment electronically, visit tax.illinois.gov or scan the QR code provided. You must use one of our electronic payment options if the department has notified you that you are required to make payments electronically.
The PTE tax rate is equal to 4.95 percent (. 0495) of the taxpayers net income for the taxable year.
The Illinois Department of Revenue (IDOR) sends letters and notices to request additional information and support for information you report on your tax return, or to inform you of a change made to your return, balance due or overpayment amount.

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