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Our Village, Our News
MAY 31, 2012
Vol. 5 No. 45
Changing Hands Madigan proposal would remove replacement tax revenue from local municipalities By Laura Katauskas Staff Reporter
As the state of Illinois continues its scramble to lessen the budget shortfall, local dollars are now in jeopardy. Local governments, school districts, townships, and park districts stand to lose shared revenues it has received from the state annually for decades.
House Speaker Michael Madigan put a proposal on the table introducing three amendments that could divert up to $1.4 billion of revenue collected from the personal property replacement tax to cover teacher pensions. Replacement taxes are revenues collected by the state See LOCAL TAX, page 5