What is tangible personal property?

“Tangible personal property” exists physically (i.e., you can touch it) and can be used or consumed. Clothing, vehicles, jewelry, and business equipment are examples of tangible personal property. Sales and use taxes apply when tangible personal property is used or consumed in Illinois. Illinois law does not consider paper assets that represent value, such as stock certificates, bonds, and franchises, to be tangible property.

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