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excise tax

An excise tax is a tax imposed on the manufacture, sale, or use of goods—such as cigarettes, fuel, or alcohol—or on an occupation—such as a license tax or an attorney occupation tax—or on an activity such as gambling or betting.

Excise taxes may be ad valorem (calculated by percentage) or specific (calculated per unit).

In Illinois, excise taxes are levied on various goods, activities, and occupations. For instance, the state imposes a tax on cigarettes, which is a specific excise tax calculated per unit, as well as on alcohol and motor fuel, which can be specific or ad valorem depending on the product. Illinois also taxes gambling activities, including a tax on riverboat gambling and video gaming. Additionally, there is an occupation tax for certain professions, but as of the knowledge cutoff in 2023, there is no specific attorney occupation tax in Illinois. The rates and structures of these taxes are defined by state statutes and are subject to change by legislation. It's important for businesses and individuals engaged in these activities or selling these products to be aware of the current tax rates and comply with all state tax regulations.

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Taxes

excise tax

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Taxes

excise tax

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