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Chicago Department of Finance clarifies and offers relief regarding taxation of nonpossessory computer leases

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The Chicago Department of Finance released a bulletin on Nov. 19 to clarify the city’s past guidance on nonpossessory computer leases. The publication provides guidance on the Personal Property Lease Transaction Tax Ruling #12; the amendments to the Personal Property Lease Transaction Tax (lease tax) enacted by the Chicago City Council on Oct. 28, 2015; a voluntary disclosure offer for companies to comply with these provisions by Jan. 1, 2016; and a FAQ section.

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