Illinois updates tax rules for leased or rented tangible personal property

Rubina Hafeez MBA Chief Economist | Official Website

By Prairie State Wire

Dec 12, 2024

Effective January 1, 2025, businesses in Illinois that lease or rent tangible personal property will be classified as retailers under the state's Sales and Use Tax laws. This change requires these businesses to register with the Illinois Department of Revenue (IDOR) and pay taxes on their lease or rental receipts. The update is part of P.A. 103-592.

For further details, refer to FY 2025-15, which addresses how the Illinois Sales and Use Tax applies to leased or rented tangible personal property.

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Illinois Department of Revenue

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