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ARTICLE IX. REVENUE.
SECTION 5. PERSONAL PROPERTY TAXATION
(a) The General Assembly by law may classify personal
property for purposes of taxation by valuation, abolish such
taxes on any or all classes and authorize the levy of taxes
in lieu of the taxation of personal property by valuation.
(b) Any ad valorem personal property tax abolished on or
before the effective date of this Constitution shall not be
reinstated.
(c) On or before January 1, 1979, the General Assembly
by law shall abolish all ad valorem personal property taxes
and concurrently therewith and thereafter shall replace all
revenue lost by units of local government and school
districts as a result of the abolition of ad valorem personal
property taxes subsequent to January 2, 1971. Such revenue
shall be replaced by imposing statewide taxes, other than ad
valorem taxes on real estate, solely on those classes
relieved of the burden of paying ad valorem personal property
taxes because of the abolition of such taxes subsequent to
January 2, 1971. If any taxes imposed for such replacement
purposes are taxes on or measured by income, such replacement
taxes shall not be considered for purposes of the limitations
of one tax and the ratio of 8 to 5 set forth in Section 3(a)
of this Article.
(Source: Illinois Constitution.)
