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Elgin Illinois Form 1040 Tax Table: What You Should Know

This table was created by the Illinois Department of Revenue using data from the Illinois State Business Tax Guide which was created by the Illinois Department of Revenue. The Illinois State Department of Revenue has the correct Sales Tax Rate for Your City & Suburbs.  Click here for more information. The State's sales tax rate is the same for most of Illinois. Sales tax rate is also referred to as the base rate. The rate used to compute the sales tax is the amount due on the tax form, divided by the value of goods sold. What constitutes a sale in the State of Illinois? The sale of personal property is treated as sale for tax purposes only if it is for the use of the taxpayer as owner or lessee. In situations such as leasing or renting, only the amount received at the time of lease or rental is subject to tax. Exceptions include: • Payments for property that is subject to the Illinois Clean Air Act, or that has its location within 100 miles of an eligible building for which emission control technology is installed. • Real estate and equipment rental or leasing if these rentals or leases are at a rate less than the real estate tax due, and the amount received at the lease or rental time is within the applicable rate prescribed by law. (Real estate is treated as a purchase for tax purposes only to the extent the seller sells the property in the State.) • Real estate or equipment that is for the use of a nonprofit or other tax-exempt organization and is in a public school, private school, college or university. • The transfer by gift, bequest, or otherwise of more than 5 percent of the taxpayer's adjusted gross income up to 10,000. (If the estate is subject to the estate tax, a separate deduction should be taken of the transfer amount.) • The transfer by gift, bequest, or otherwise for the sale, gift, or exchange of items in a transaction that has a reasonable chance of occurring within 5 years, and the proceeds from the transaction are in excess of 10,000. • The sale of real property when the transferor is an employee of the business for which the taxable income from the property is used, or if the transaction is to be reported to the federal Internal Revenue Service. (Sales for trade or business purposes, and for use of the proceeds as wages are tax-exempt at up to 25 percent.

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