Sec. 15-15. Rate of tax.
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/il/chapter-35/act-158/15-15A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 15-15. Rate of tax. The rate of tax is 6.25% of the purchase price for each purchase of watercraft that is subject to tax under this Law. When an ownership share of a watercraft is acquired, the tax is imposed on the purchase price of that share. All owners are jointly and severally liable for any tax due as a result of the purchase, gift, or transfer of an ownership share of the watercraft.