ISACo

The Illinois Department of Revenue (IDOR) estimates that local taxing districts will receive approximately $2.366 billion in Personal Property Replacement Tax (PPRT) allocations during Fiscal Year 2027, a $425.1 million, or 21.9%, increase over FY 2026 distributions. IDOR attributes the increase largely to a significantly smaller diversion from the PPRT Fund through the annual “true up” process, changes affecting business tax payments and an improved outlook for domestic corporate profits. IDOR has published estimated FY 2027 allocations for approximately 6,500 local taxing districts, including each district’s estimated allocation and FY 2026 actual disbursement. The estimates are based on current economic data, and actual distributions may vary. Click on the title for more information.

Illinois and 46 state financial agencies in 46 states have reached a $15.5 million settlement with one of the nation’s largest mortgage servicers for improperly imposing “force-placed” insurance costs on borrowers who already had active homeowners insurance policies. Under the terms of the settlement, Fort Washington, Penn., based NewRez LLC (NMLS ID 3013), will pay a total of $15.5 million. The company worked with state regulators to self-identify and proactively remediate more than $4.5 million to the impacted borrowers, and it will pay nearly an additional $11 million for costs and penalties. NewRez will be required to implement and conduct enhanced monitoring for loans that have force-placed insurance. The company also must implement other actions to strengthen controls.

Potential changes to Illinois’ Biometric Information Privacy Act (BIPA) are emerging as a key issue in negotiations over data center legislation. Organized labor and the data center industry are seeking targeted changes to address AI applications and the storage or transmission of biometric information, while privacy advocates and trial lawyers caution against weakening existing protections. Click on the title to read the article.

Parents starting on back-to-school shopping will get a temporary sales tax break for 10 days this month. From Friday, Aug. 7, through Aug. 16 the state’s sales tax on school supplies will be reduced from 6.25% to 1.25%. Items with a lower sales tax will include traditional supplies such as markers and pencils, notebooks and folders and other classroom items, as well as many clothing purchases.

Advocates urged the state to invest in community-based alternatives to nursing homes for people with disabilities before attempting to enter Gov. JB Pritzker’s Chicago office in the West Loop on Wednesday.