Discussion:Illinois Replacement Tax
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Discussion Forum Index --> Consumer Questions --> Illinois Replacement Tax
| 30 December 2006 | |
| Information on this tax seems sparse. I get the drift, Illinois wants to cover the difference in tax rates between corps and individuals... but who is liable for the tax? Is it the individual or does the s corp pay it directly? | |
| 31 December 2006 | |
| The S corporation (or other passthrough entity) pays the replacement tax directly.
The tax is actually the "personal property tax replacement tax." It was enacted years ago to replace the revenue from an ad valorem tax on business personal property that was repealed. It has nothing to do with equalizing the rate between corporations and individuals. | |
| January 2, 2007 | |
| Katie! You're in freakin' CA! You're not supposed to know that insider IL stuff!! | |
| 3 January 2007 | |
| I've been doing multistate stuff since Hector was a pup <G>. | |
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