AUTO LEASING TAX
Synopsis of Bill as introduced:
Creates the Automobile Leasing Occupation and Use Tax Act.
Imposes a tax at the rate of 5% of the gross receipts of persons
engaged in the business of leasing automobiles and a tax at the rate
of 5% of the leasing price upon the privilege of using in this State
an automobile that is leased from a lessor. Amends the State Finance
Act, the Use Tax Act, and the Retailers' Occupation Tax Act. Imposes
a use tax and a retailers' occupation tax at the rate of 1.25% on any
motor vehicle that is sold to a lessor for the purpose of leasing
under a lease subject to the Automobile Leasing Occupation and Use Tax
Act. Imposes a tax at the rate of 5% on a motor vehicle that has been
leased by a lessor to a lessee under a lease that is subject to the
Automobile Leasing Occupation and Use Tax Act and is subsequently sold
to the lessee of the vehicle. Provides for the distribution of
proceeds of the tax. Effective July 1, 1998.
FISCAL NOTE, AMENDED (Dpt. Revenue)
HB2333, amended, does not create a fiscal impact.
HOUSE AMENDMENT NO. 1.
Deletes the enacting clause.
SENATE AMENDMENT NO. 1.
Inserts an enacting clause into the bill.
Last action on Bill: SESSION SINE DIE
Last action date: 99-01-12
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1
END OF INQUIRY
Full Text Bill Status