SB1434sam001 100TH GENERAL ASSEMBLY

Sen. Thomas Cullerton

Filed: 3/9/2017

10000SB1434sam001 LRB100 06488 HLH 23223 a

AMENDMENT TO SENATE BILL 1434

AMENDMENT NO. ______. Amend Senate Bill 1434 on page 2, by replacing lines 25 and 26 with the following:

"Rental purchase agreement" means an agreement for the use of merchandise by a consumer for personal, family, or household purposes for an initial period of 4 months or less that is automatically renewable with each payment after the initial period and that permits the consumer to become the owner of the merchandise."; and

on page 5, immediately below line 24, by inserting the following:

"Section 16. Distribution of taxes. The proceeds from the tax imposed under this Act shall be distributed as follows: 20% shall be deposited into the State and Local Sales Tax Reform Fund and 80% shall be deposited into the General Revenue Fund."; and

on page 6, by replacing lines 2 through 5 with the following: "the Use Tax paid during the 12 months immediately prior to the effective date of this Act. Within 18 months after effective date of this Act, the merchant must file an application (upon a form prescribed and furnished by the Department) to receive a credit for the Use Tax paid on"; and

on page 6, line 13, by replacing "liability" with "imposed under this Act"; and

on page 6, immediately below line 13, by inserting the following:

"Section 21. Exemptions. This Act does not apply to tangible personal property which is required to be titled and registered by an agency of this State's government."; and

on page 23, line 20, after "Act.", by inserting "This paragraph is exempt from the provisions of Section 3-90."; and

on page 43, line 16, by replacing "Paragraph" with "paragraph"; and

on page 43, by replacing lines 22 and 23 with the following:

"Section 99. Effective date. This Act takes effect January 1, 2018.".