- Effective January 1, 2025, Illinois will begin taxing lease transactions
- Exemptions created for resale of equipment and software licenses meeting specific criteria
- Illinois taxpayers in leasing business must ensure correct charging and remitting of tax
- Tax systems should be evaluated to handle the change
- Property purchased may qualify for resale exemption if intent is to re-lease
Source: salestaxinstitute.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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