The Metropolis of Chicago levies a tax on lease transactions involving non-real property, equivalent to gear, automobiles, and equipment. For example, a enterprise leasing a forklift inside metropolis limits would usually incur this levy. This tax applies to agreements categorized as leases underneath the Municipal Code, even when titled in a different way, and customarily encompasses transfers of possession or proper to make use of private property for consideration.
This income stream contributes considerably to town’s funds, supporting important public companies like infrastructure upkeep, public security, and academic packages. Traditionally, it has served as a vital funding mechanism for town, enabling sustained funding in public items. Understanding its software is significant for companies working inside Chicago to make sure correct monetary planning and compliance with native rules.
