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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006 HB0482
Introduced 1/27/2005, by Rep. Kevin Joyce SYNOPSIS AS INTRODUCED: |
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35 ILCS 105/3b new |
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35 ILCS 120/2-75 new |
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30 ILCS 805/8.29 new |
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Amends the Use Tax Act and the Retailers' Occupation Tax Act. Provides that,
notwithstanding any other provision to the contrary, no tax shall be imposed
under those Acts upon the privilege of using in this State (for the Use Tax
Act) or persons engaged in the business of selling at retail (for the
Retailers' Occupation Tax Act) any item that is
(i) purchased for a selling price of $2,500 or less
and (ii) purchased from 12:00 a.m. through 11:59 p.m of the the first Saturday in August of each year. Provides
that a unit of local government may, by ordinance adopted by that unit of local
government, opt out of the tax holiday and continue to collect and remit the
tax imposed under those Acts during the tax holiday period.
Amends the State Mandates Act to require implementation without
reimbursement. Effective immediately.
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FISCAL NOTE ACT MAY APPLY | |
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT |
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A BILL FOR
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HB0482 |
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LRB094 06755 BDD 36857 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Use Tax Act is amended by adding Section 3b |
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| as follows:
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| (35 ILCS 105/3b new)
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| Sec. 3b. Annual tax holiday.
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| (a) Notwithstanding any other provision to the contrary, no |
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| tax shall be
imposed under this Act upon the privilege of using |
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| in this State any item
purchased at retail from a retailer if |
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| that item is
(i) purchased for a selling price of $2,500 or |
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| less
and (ii) purchased from 12:00 a.m. through 11:59 p.m of |
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| the the first Saturday in August of each year. Any discount, |
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| coupon, or
other credit offered either by the retailer or by a |
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| vendor of the retailer to
reduce the final price to the |
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| customer shall be taken into account in
determining the selling |
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| price of the item for purposes of this holiday.
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| (b) A unit of local government may, by ordinance adopted by |
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| that unit of
local government, opt out of the tax holiday |
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| imposed by this Section and
continue to collect and remit the |
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| tax imposed under this Act during the tax
holiday period.
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| Section 10. The Retailers' Occupation Tax Act is amended by |
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| adding Section
2-75 as follows:
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| (35 ILCS 120/2-75 new)
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| Sec. 2-75. Annual tax holiday.
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| (a) Notwithstanding any other provision to the contrary, no |
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| tax shall be
imposed under this Act upon persons engaged in the |
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| business of selling at
retail any if that is
(i) purchased for |
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| a selling price of $2,500 or less
and (ii) purchased from 12:00 |
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| a.m. through 11:59 p.m of the the first Saturday in August of |