The lease form contains many detailed provisions not found in a standard oil and gas lease form. Due to its length, a summary would not adequately describe each of the terms. It is suggested that if you consider adopting the form for regular use, that you print the form and closely read and review it. The lease form is formatted in 8-1/2 x 14 (legal size).
Illinois Lessor's Form
Category:
State:
Multi-State
Control #:
US-OG-092
Format:
Word;
Rich Text
Instant download
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How to fill out Lessor's Form?
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FAQ
Form RUT-50, Private Party Vehicle Use Tax Transaction, must be filed by an individual or business entity titling a motor vehicle in Illinois when the individual or business entity: acquired a motor vehicle by purchase, gift, or transfer from a private party either within or outside Illinois; or.
The city of Chicago, Cook County requires a 9% tax paid in the lease. It's not exactly the best scenario when leasing a vehicle and living in Chicago but unfortunately there is no way around this.
You must complete Form RUT-25-LSE, Use Tax Return for Lease Transactions, if you are titling or registering in Illinois a motor vehicle, watercraft, aircraft, trailer, mobile home, snowmobile, or all-terrain vehicle (ATV) that you leased through an unregistered out-of-state dealer or retailer.
What are the Illinois Use Tax rates? Illinois Use Tax rates are 6.25 percent of the purchase price of general merchandise and 1.00 percent of the purchase price of qualifying food, drugs, and medical appliances.
As end users of titled or registered items located in Illinois, lessors owe Use Tax on the selling price of such property. The State of Illinois imposes no tax on the lease receipts. Consequently, lessees (e.g., lease customers) incur no tax liability.
The base state sales tax rate in Illinois is 6.25%. Local tax rates in Illinois range from 0% to 4.75%, making the sales tax range in Illinois 6.25% to 11%.
If the lessee chooses to purchase the vehicle at the end of the lease term, the lessee then becomes the owner and must pay tax on the purchase price at that time. See 86 Ill. Adm. Code 130.2010.
The state of Illinois charges a 7.25% sales tax rate on all vehicle purchases. County taxes range from 0.25% to 0.75%, while in the city of Chicago, you're required to pay a 1.25% city tax. You should also keep in mind that you'll have to pay the dealership a fee if they take part in putting together your documents.