90th General Assembly
Summary of SB0374
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Short description: 
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      
        SENATE 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: TOTAL VETO STANDS

   Last action date: 97-10-30

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


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