Chicago raises 'Cloud Tax' in response to $1.2 billion budget gap | Thompson Coburn LLP
To embed, copy and paste the code into your website or blog: Chicago is faced with a significant budget gap of $1.2 billion for fiscal year 2021, largely resulting from the economic impacts of COVID-19. In response to this budget gap, the 2021 Chicago Budget raises the tax rate on nonpossessory computer leases under the Chicago Personal Property Lease Transaction Tax (the “Cloud Tax”). Effective January 1, 2021, the Cloud Tax rate will be 9%, up from the 2020 rate of 7.25%, to equal the rate applied to all other property subject to the Chicago Personal Property Lease Transaction Tax (the ...
Source: jdsupra.com