Illinois Short-Term Rental Occupation Tax Act imposes taxes on short-term rental transactions facilitated by hosting platforms.
The Short-Term Rental Occupation Tax Act in Illinois imposes taxes on short-term rental transactions facilitated by hosting platforms. The act defines a short-term rental as a dwelling rented for less than 30 consecutive days. Hosting platforms must register with the Department of Revenue and obtain consent for information disclosure. They must report booking transaction details monthly and maintain records for three years. The act imposes a 5% tax on gross rental receipts, with an additional 1% tax on hosting platforms.
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