- 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.
Latest Posts in "United States"
- Why Voluntary Disclosure Agreements Are Key to Reducing Multi-State Sales Tax Risks
- Comprehensive Guide to Michigan Sales Tax: Rates, Nexus, Exemptions, and Compliance Essentials
- Washington Expands Sales Tax to Include New Digital Products Starting October 2025
- Navigating U.S. Invoice Storage and Retention: Federal, State, and Industry-Specific Rules Explained
- Washington State Imposes Sales Tax on Advertising Services, Affecting Digital Marketing Compliance
