What do I file if I recently purchased a boat?

I recently purchased a boat.  What do I need to fill out and how much tax do I need to pay?

You must use form RUT-75, Aircraft/Watercraft Use Tax Transaction Return, if you acquire the watercraft from a person or business that is not in the business of selling watercraft at retail.  You must pay tax on the watercraft's purchase price.  If the watercraft's purchase price is less than the fair market value, you must pay tax on the watercraft's fair market value on the date acquired or the date brought into Illinois, whichever is later.  If you acquire a share of a watercraft, tax is based on the purchase price or fair market value of the share acquired.  There is no provision for a trade-in allowance under Watercraft Use Tax.  The tax due is based on the fair market value of the watercraft or share of the watercraft.

The tax rate is 6.25 percent of the purchase price or fair market value, whichever is greater.

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