REALTORS® and others who rely on advertising to get their message out should be wary of a proposal to tack as much as a 10 percent tax on advertising in Illinois.
According to the Daily Herald editorial, there’s no other state in the country which has adopted such a tax and doing so in Illinois could cost jobs and increase costs for businesses. “The fear is that this proposal would drive revenue and jobs to neighboring states which do not have taxes on advertising,” the editorial states.
IAR is working with a coalition of partners to stop any attempt to implement the advertising tax. Because so many REALTORS® rely on advertising to market properties for clients, a proposed increase could send business costs soaring.