![]() Update: On December 13, 2019, Illinois Gov. ![]() The Illinois Department of Revenue will adopt rules to implement and administer the exemption for production related tangible personal property. The state also expanded the definition of production related tangible personal property to include supplies and consumables used in a manufacturing facility including fuels, coolants, solvents, oils, lubricants, and adhesives, hand tools, protective apparel, and fire and safety equipment used or consumed within a manufacturing facility. This broadens the exemption to include items previously qualifying for the tax credit under the Manufacturer’s Purchase Credit (MPC) and brings Illinois’ exemption more in line with surrounding states. “Production related tangible personal property” is considered all tangible personal property that is used or consumed by a purchaser in a manufacturing facility. Illinois has expanded the state’s manufacturing sales and use tax exemption to include production related tangible personal property, effective July 1, 2019. ![]() ![]() Illinois Expands Manufacturing Machinery and Equipment Exemption
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |