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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 2
END OF INQUIRY
Full Text Bill Status