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For purposes of Rental Purchase Agreement Occupation and Use Taxes, what is a rental purchase agreement?

Answer #581 -- ( Published 02/22/2018 02:30 PM | Updated 02/22/2018 3:07 PM )

For purposes of Rental Purchase Agreement Occupation and Use Taxes, what is a rental purchase agreement?

The Rental Purchase Agreement Occupation and Use Tax Act defines a “rental purchase agreement” as an agreement for the use of merchandise by a consumer for personal, family, or household purposes for an initial period of four months or less that is automatically renewable with each payment after the initial period and that permits the consumer to become the owner of the merchandise. 35 ILCS 180/5. These transactions are governed by the Rental-Purchase Agreement Act, 815 ILCS 655/0.01 et seq.

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