OCC & USE TX-TECHNOLOGY EQUIP
Synopsis of Bill as introduced:
Amends the Use Tax Act, the Retailers' Occupation Tax Act, the
Counties Code, and the Illinois Municipal Code. Exempts qualified
technological equipment as defined in Section 168(c)(3)(B)(iv) of the
Internal Revenue Code that was purchased by a lessor who has elected
to pay retailers' occupation tax based on the lessor's gross receipts
from the lease of the equipment in this State to a lessee for his or
her use and not for the purpose of sublease. Provides that, for
purposes of determining the local governmental unit whose tax is
applicable, a retail sale by a lessor is a sale at retail at the place
where leased tangible personal property is located. Effective
HOUSE AMENDMENT NO. 1.
Changes a reference to the Internal Revenue Code. Exempts the
deduction from the sunset provision of the Use Tax Act and the
Retailers' Occupation Tax Act. Defines "lease". Provides that the
amount of retailer's occupation tax imposed shall be reduced by an
amount equal to the percentage limitation of the use tax exemption.
States that subsequent sales or leases of property for which the
election for the lessor to pay the tax was made shall not be exempt.
Limits the use tax exemption to 50% of the tax that otherwise would
have been due for property delivered in this State before July 1, 1998
and 75% of the tax that would otherwise have been due for property
delivered to the lessor in this State during the period of July 1,
1998 through June 30, 1999.
Last action on Bill: SESSION SINE DIE
Last action date: 99-01-12
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0
END OF INQUIRY
Full Text Bill Status