Personal Property Business Form With Tax In Chicago
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FAQ
If you end up paying personal property taxes to your local government, the IRS allows you to claim a deduction for it on your federal tax return.
It's also worth noting that many states, but not Illinois, tax “personal property” like cars, boats and business equipment. The 1970 Illinois constitution banned personal property taxes.
It's also worth noting that many states, but not Illinois, tax “personal property” like cars, boats and business equipment. The 1970 Illinois constitution banned personal property taxes.
11% of receipts or charges for all leases, including the non-possessory lease of a computer to input, modify, or retrieve data supplied by the customer. As of 1-1-2021: 9% of receipts or charges for all leases, including the non-possessory lease of a computer to input, modify, or retrieve data supplied by the customer.
Exemptions Sales to state, local, and federal governments. Sales to not-for-profit organizations that are exclusively charitable, religious, or educational. Sales of newspapers and magazines.
These taxes resulted when the new Illinois Constitution directed the legislature to abolish business personal property taxes and replace the revenue lost by local government units and school districts.
If you need assistance in obtaining any of these forms, please call our Business Contact Center at 312.747. 4747 or for TTY 312.742. 1974.
These taxes resulted when the new Illinois Constitution directed the legislature to abolish business personal property taxes and replace the revenue lost by local government units and school districts.
A personal property tax is imposed by state or local governments on certain assets that can be touched and moved such as cars, livestock, or equipment. Personal property includes assets other than land or permanent structures such as buildings. These are considered to be real property.
