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What is the tax on a car lease in Cook County?

The city of Chicago, Cook County requires a 9% tax paid in the lease. Its not exactly the best scenario when leasing a vehicle and living in Chicago but unfortunately there is no way around this.

What is a ST 556 LSE form?

If you sell items for lease at retail in Illinois and those items are of the type that must be titled or registered by an agency of Illinois state government (e.g., vehicles, watercraft, aircraft, trailers, manufactured (mobile) homes), you must report these sales for lease on Form ST‑556‑LSE, Transaction Return for

Can I order tax forms?

To order forms by phone: Call 800-338-0505. Select 1 for Personal Income Tax, 2 for Business Entity Information. Select Forms and Publications

Do you pay sales tax on a leased vehicle Illinois?

When you lease a car in Illinois, you pay the sales tax on the cost of your new or used car. However, youll only owe tax on your monthly payment rather than on the total value of your vehicle. If you decide to purchase your vehicle at the end of your lease, youll pay a sales tax on the depreciated price.

What is the sales tax on rental of tangible personal property in Illinois?

A tax is imposed upon the privilege of using, in this State, merchandise which is rented from a merchant. Such tax is at the rate of 6.25% of the rental price paid to the merchant under any rental purchase agreement.

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How do I file a St 556 in Illinois?

Form ST-556 can be filed electronically by using MyTax Illinois at mytax.illinois.gov or by using an approved service provider in the Electronic Registration and Title program (ERT).

Where can I get an Illinois state tax form?

How to get Forms Download Forms. Submit a request to have forms or publications mailed to you. You can also request certain forms and publications by calling our 24-hour forms order hotline at 1 800 356-6302.

What is Illinois Form ST 556 for?

If you sell items that are normally required to be titled or registered by an agency of Illinois state government vehicles, watercraft, aircraft, trailers, and mobile homes (house trailers) at retail in Illinois, you must report these sales on Form ST-556, Sales Tax Transaction Return.

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