Illinois Gov. JB Pritzker signed several new budget bills earlier this month, allowing tax changes to take place starting July 1.
Here’s a look into what those tax changes will look like.
What will increase?
Sports betting: In an effort to raise approximately $36 million in revenue, Illinois officials will place a per-wager tax on state sports betting. The state will impose a $0.25-per-wager rate for the first 20 million wagers placed with licensed sports books in the state, and the tax rate will increase to $0.50 per wager after that. In response, major sportsbooks like DraftKings and FanDuel have implemented surcharges on bets placed within the state of Illinois, according to iGamingBusiness. Hotel room tax for homestays: Individuals who use services like AirBNB and Vrbo for vacation rentals will now have to pay the state’s Hotel Operators’ Occupation Tax. According to the Illinois Department of Revenue, the state taxes hotel rooms at a rate of 6% of 94% of gross receipts. In the city of Chicago, the Illinois Sports Facilities Authority, which helps to operate Rate Field, and the Metropolitan Pier and Exposition Authority, which operates McCormick Place, also collect taxes on hotels. The city itself also assesses a 1% tax on hotel rooms. Tobacco: Tobacco products will now be taxed at a rate of 45% of their wholesale price, increasing from 36%, according to officials.To see what else was included in Pritzker’s series of bills, read our full story here.
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