Taxpayers who acquire a watercraft by gift, donation, transfer, or non-retail purchase must remit the 6.25% state use tax, and any applicable local taxes, with Form RUT-75 within 30 days of the acquisition or the date the watercraft is brought into Illinois. The purchase price of the watercraft is the fair market value on the date the watercraft is acquired or brought into Illinois and if taxpayers acquire shares of a watercraft they should pay the tax applicable to their share of the watercraft. In addition, taxpayers who rent or lease watercraft are responsible for the Retailers’ Occupation Tax if they sell used watercraft to end users as of September 1, 2004. If selling a used watercraft, taxpayers should remit the 6.25% state tax, along with any applicable local taxes, and Form ST-556 within 20 days of delivering the watercraft. (Informational Bulletin FY 2005-04)