What are personal property replacement taxes? A business in Illinois is subject to the Illinois corporation franchise tax, personal property replacement tax, and corporate income taxes.Explore the fundamentals of Business Personal Property Tax, which assets apply, what is exempt, and more. Property used at least 3 months outside the city before its use in the city. The Illinois Constitution currently only authorizes the taxation of "real property" and forbids the taxation of "personal property. Tangible personal property tax exemptions for small businesses is a highly economical way of reducing taxpayer compliance burdens.

Personal Property For Business In Illinois

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