Section 130-75 of the Aurora Tax Code requires the purchaser of a business to "withhold sufficient purchase money to cover the amount of all taxes due and unpaid, until such time as the previous owner produces a receipt from the Finance Department director showing that all taxes have been paid, or a certificate showing that no taxes are due." If the prior owner does not produce this receipt, "the purchaser shall remit directly to city, the amount of purchase money withheld to cover such taxes, all taxes due and owing, including those incurred on the sale of the business."

Following the above procedure will keep the new owner of a business from being surprised when he/she finds out after the purchase that he/she is liable for any city taxes unpaid by the prior owner.

If a prospective purchaser of a business wishes to inquire as to the status of the current owner's taxes, the city must be provided with a notarized statement from the current owner giving the city authorization to release this information. This is required because all tax information received by the city from returns and audits is confidential, as outlined in Section 130-66 of the Aurora Tax Code.

Also, when a business or individual purchases another business or the assets of a business, sales/use tax is due on the supplies, fixtures, furniture, equipment, leasehold improvements, etc. (not inventory for resale). This tax is due on the 20th of the month following the date of sale. Use tax should be remitted on Schedule B of the Sales and Use Tax Return.