- Illinois HB4951 caps sales tax vendor discount at $1,000 per month starting January 1, 2025
- Original purpose of discount was to compensate businesses for collecting and remitting sales tax
- Automation has reduced manual work associated with sales tax filings, leading to the decision to cap the discount
- Businesses collecting over $57,000 in tax monthly will be primarily impacted by this change
- Taxpayers with large volumes of sales or who sell large amounts into Illinois should be aware of the change and ensure they take only the allowable discount
Source: salestaxinstitute.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
