Senate Sponsors: PETERSON. House Sponsors: MOORE,ANDREA Short description: PROP TX-HOMESTEAD EXEMPT Synopsis of Bill as introduced: Creates the Qualified Technological Equipment Leasing Occupation and Use Tax Act. Imposes a tax on persons engaged in the State in the business of leasing qualified technological equipment in Illinois at the rate of 8.25% of the gross receipts received from the business. Imposes a tax upon the privilege of using in this State qualified technological equipment that is leased from a lessor at the rate of 8.25% of the leasing price of the equipment paid to the lessor under a lease agreement. Provides that each month the Department of Revenue shall pay into the Local Government Distributive Fund 20% of the net revenue realized for the preceding month under this Act. Provides that remaining 80% shall be distributed under the Use Tax Act and the Retailers' Occupation Tax Act. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act to exempt from the taxes imposed under those Acts qualified technological equipment sold to lessors for lease under leases subject to the Qualified Technological Equipment Leasing Occupation and Use Tax Act. Provides that the exemption is available for so long as the equipment is leased. Provides that the exemptions are not subject to the sunset provisions. Provides that the exemptions for computer equipment used in hospitals and certain property leased to a governmental body are exempt from the sunset provisions. In the Use Tax Act and the Retailers' Occupation Tax Act, provides that a purchaser of qualified technological equipment may obtain a refund of use and occupation taxes paid to the seller of the equipment if the purchaser sells the property to a rentor under a bona fide sale and leaseback transaction to such purchaser within 90 days of the first functional use of the property. Amends the State Revenue Sharing Act. Provides that beginning July 1, 1999, the Department shall certify monthly to the Treasurer an amount equal to 1/5 of the net revenue realized under the Qualified Technological Equipment Leasing Occupation and Use Tax Act. Makes other changes. Effective July 1, 1999. SENATE AMENDMENT NO. 1. In the new Qualified Technological Equipment Leasing Occupation and Use Tax Act, exempts computers owned by, used by, leased by, and leased to a telecommunications company from the provisions of the Act. Defines "telecommunications company" to mean an entity subject to the jurisdiction of the Federal Communications Commission under the federal Telecommunications Act of 1996. Deletes the provision including high technology telecommunication equipment within the provisions of the Act. SENATE AMENDMENT NO. 2. Exempts computers owned by, used by, leased by, or (now and) leased to a telecommunications company. HOUSE AMENDMENT NO. 1. Deletes reference to: 30 ILCS 115/1 from Ch. 85, par. 611 35 ILCS 105/3-5 from Ch. 120, par. 439.3-5 35 ILCS 105/9 from Ch. 120, par. 439.9 35 ILCS 105/9.5 new 35 ILCS 110/3-5 from Ch. 120, par. 439.33-5 35 ILCS 115/3-5 from Ch. 120, par. 439.103-5 35 ILCS 120/1c-5 new 35 ILCS 120/2-5 from Ch. 120, par. 441-5 35 ILCS 120/3 from Ch. 120, par. 442 35 ILCS 120/3.5 new Deletes everything. Creates the Qualified Technological Equipment Leasing Occupation and Use Tax Act with the short title as the only provision. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 2 END OF INQUIRY Full Text Bill Status