Also effective January 1, 2026, Chicago quietly enacted a year-end rate increase to its Personal Property Lease Transaction Tax, raising the rate from 11% to 15%.
What it can affect:
The change is especially relevant for technology-driven businesses operating in or selling into Chicago. While the update did not come with much fanfare, it has a real impact on ongoing tax collection and filing obligations. Businesses subject to this tax should confirm they are applying the updated rate, and those who file the tax in Chicago should be aware of the change to avoid under-collection or compliance gaps moving forward.