The Metropolis of Chicago levies a tax on lease transactions involving non-real property, similar to tools, autos, 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 underneath 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 the town’s finances, supporting important public providers like infrastructure upkeep, public security, and academic packages. Traditionally, it has served as a vital funding mechanism for the 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 laws.
