- Amusement Tax Increase: The Chicago City Council approved an increase in the amusement tax rate from 9% to 10.25% on paid television and electronically delivered amusements, effective January 1, 2025, impacting streaming services and online games.
- Personal Property Lease Tax Adjustment: The Chicago Personal Property Lease Transaction Tax rate will rise from 9% to 11%, making leasing costs higher for businesses, necessitating evaluations of financial forecasts and resource allocations.
- Checkout Bag Tax Changes: The checkout bag tax will increase from $0.07 to $0.10 per bag, with reduced retention for stores and wholesalers, requiring updates to point-of-sale systems to comply with the new tax structure.
Source PwC
