Bill Status of SB2180 102nd General Assembly
Short Description: USE/OCC TX-LEASED PROPERTY
Sen. Elgie R. Sims, Jr.
| 4/16/2021||Senate||Rule 3-9(a) / Re-referred to Assignments|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Use Tax Act and the Retailers' Occupation Tax Act. Provides that, for any leased property (currently, for motor vehicles only), "selling price" means the consideration received by the lessor pursuant to the lease contract and includes certain amounts received by the lessor that are not calculated at the time the lease is executed. Provides for an exemption to the extent of any personal property lease transaction tax paid to a home rule municipality. Provides that a sale of tangible personal property shall be made tax-free on the ground of being a sale for resale or lease (currently, for resale) if the purchaser has an active registration number or resale number from the Department of Revenue and furnishes that number to the seller in connection with certifying to the seller that any sale to such purchaser is nontaxable because of being a sale for resale or lease (currently, for resale). Effective immediately.