Illinois updates tax rules for leased or rented property

David Harris Director | Official Website

By Prairie State Wire

Jan 2, 2025

Effective January 1, 2025, businesses leasing or renting tangible personal property in Illinois are now considered retailers under the state's Sales and Use Tax laws. This change affects how these businesses must report their activities for tax purposes.

For additional details, refer to FY 2025-17, Reporting Requirements for Certain Titled or Registered Property Subject to Tax on Lease or Rental Receipts.

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Illinois Department of Revenue

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