Illinois Compiled Statutes 65 ILCS 5/11-65-15 – Exemption from use and occupation taxes
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Terms Used In Illinois Compiled Statutes 65 ILCS 5/11-65-15
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Personal property: All property that is not real property.
No tax is imposed under the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, or the Retailers’ Occupation Tax Act upon the use or sale of tangible personal property sold to a public-facilities corporation for purposes of constructing or furnishing a municipal convention hall.