Illinois releases answers to FAQs on rental and lease transactions' taxes, which went into effect on January 1, 2025.

Illinois released answers to some FAQs on rental and lease transactions' taxes, which went into effect on January 1, 2025. Some of the topics were: taxation of certain receipts, taxes on contracts of lease and rentals before January 1, 2025, leases and rentals of computer software, the procedures surrounding payments, the sourcing rules, and more. Read the full list of FAQ topics here: https://tax.illinois.gov/research/publications/pubs/lease-tax-faqs.html