Self-Storage Could Be Taxed in Illinois

In January, Illinois Senators revived Senate Bill 750, which would restructure the states tax system to support schools but include a sales tax on self-storage rentals.

In January, Illinois Senators revived Senate Bill 750, which would restructure the state’s tax system to support schools but include a sales tax on self-storage rentals. Their aim is to reduce dependence on property taxes for education by increasing income, business and other taxes. The change will create an approximate $7.2 billion increase in taxes while reducing property taxes by about $2.5 billion.

SB750 amends the State Finance Act and the Illinois Income Tax Act, and creates the School District Property Tax Relief Fund. It increases the tax rate for individuals, trusts and estates from 3 percent to 5 percent and the tax rate for corporations from 4.8 percent to 8 percent.

Related Articles:

Michigan Self-Storage Operators Freed From Service Tax

Real Estate Roundup: Sales Tax—A Double Demon?

Refunds on Self-Storage Sales Tax Available in South Dakota

North Carolina Seeks to Tax Self-Storage

TAGS: News
Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish