By Garry Bartecki
I talked with Jim Margner (my state and local tax expert), who prepared notes for the Illinois Equipment Dealers Association presentation. I attended one of Jim’s prior sessions for this group, and he did a very nice job related to a highly complex topic.
Illinois changed the rental equipment use tax collected when rental equipment is purchased to one based on rental billings starting January 1, 2025. The tax is not only based on rental billing but also on rental rates for the city where the equipment is being used. In other words, rental coordinators must have access to a rental rate list by city or town to estimate or prepare a billing invoice.