Insight
An Illinois bill proposes a new tax on Airbnb-style rentals.
Illinois bill would add new tax to Airbnb-style rentals, fund affordable housing
Summary
An Illinois bill proposes a new tax on short-term rentals, similar to Airbnb, with the revenue earmarked for affordable housing initiatives. This aims to address housing shortages and potentially impact the profitability of STR hosts in the state. The specifics of the tax rate and its implementation are key considerations for anyone operating or planning to operate in the Illinois market.
Key takeaway