The rate of tax is 6.25% of the purchase price for each purchase of watercraft that is subject to tax under this Law. When an ownership share of a watercraft is acquired, the tax is imposed on the purchase price of that share. All owners are jointly and severally liable for any tax due as a result of the purchase, gift, or transfer of an ownership share of the watercraft.
35 ILCS 158/15-15
Rate of tax
Known as the Watercraft Use Tax Law
The act spans §§ 35-158-15-1 to 35-158-15-995 (12 sections).
P.A. 93-840, eff. 7-30-04.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.