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Illinois Statutes Chapter 35. Revenue § 158/15-15. Rate of tax

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 15-15. Rate of tax.

The rate of tax is 6.25% of the purchase price for each purchase of watercraft that is subject to tax under this Law. When an ownership share of a watercraft is acquired, the tax is imposed on the purchase price of that share. All owners are jointly and severally liable for any tax due as a result of the purchase, gift, or transfer of an ownership share of the watercraft.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 35. Revenue § 158/15-15. Rate of tax - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-35-revenue/il-st-sect-35-158-15-15/

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