Tangible Personal Property For Business In Illinois
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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.
Any movable thing or intangible item of value that is capable of being owned by a person and not recognized as real property . Synonymous with chattel .
Effective January 1, 2025, sales and use taxes apply to most leased or rented tangible personal property.
Public property refers to any property owned by the government on a local, state or federal level. Typically, public property includes structures like government office buildings, public parks, public areas and pieces of infrastructure, like roadways.
“Tangible personal property” exists physically (i.e., you can touch it) and can be used or consumed. Clothing, vehicles, jewelry, and business equipment are examples of tangible personal property.
Production-related tangible personal property means all tangible personal property primarily used or consumed in the production related process. For Illinois, the property must be by an Illinois manufacturer in the manufacturing process.
Exemptions from sales tax in Illinois Most groceries. Prescription medicines. Manufacturing equipment. Farm equipment and supplies. Newspapers and magazines. Government organizations. Educational organizations. Charitable and religious organizations.
“Tangible personal property” exists physically (i.e., you can touch it) and can be used or consumed. Clothing, vehicles, jewelry, and business equipment are examples of tangible personal property.
