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