New Illinois laws, taxes in effect July 1: Increases to gas tax, cigarette taxes and more - NBC 5 Chicago
Summary
Illinois has enacted new laws and taxes effective July 1st, potentially impacting various businesses. While the article doesn't specify how these changes affect STRs, it's crucial for Illinois hosts to stay informed about local tax regulations. You should research if these new taxes apply to your STR operations.
Key Insights
- •New Illinois laws and taxes went into effect July 1st.
Action Items
- ✓Hosts in Illinois should research these new laws and taxes to determine their impact on their short-term rental business.Effort: lowImpact: medium
Common Mistakes
- ⚠Failing to comply with new tax regulations could lead to penalties and fines.
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A 21-unit vacation rental in Dunedin, Florida, has been approved, signaling potential growth in the local short-term rental market. This approval could lead to increased accommodation options for tourists visiting the area. This news could also influence local regulations.
St. Louis aldermen have approved a short-term rental fee, though a legal battle over existing rules continues. This indicates a focus on regulating the STR market within the city. Hosts in St. Louis should be aware of these new fees, which may impact their profitability. Find out how this affects your STR business.
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