Illinois compliance for general contractors
- Sales tax: 6.25% state rate. Generally exempts services. Services largely exempt; combined rates up to ~11% in Chicago.
- Late fees: Up to 1.5% per month under 815 ILCS 205/4 (Interest Act). Up to 9%/yr without writing; higher with written agreement.
- Written contract: Required over $1,000.
Avg invoice
$4,850
Net terms
30 days
Deposit
25%
State
IL