Illinois General Assembly - Bill Status for HB3126

Amends the Use Tax Act and the Retailers' Occupation Tax Act. Provides that, for any motor vehicle that is sold on or after January 1, 2014 for the purpose of leasing the vehicle for a period of longer than one year, "selling price" or "amount of sale" shall be based on the consideration paid by the lessee pursuant to the lease contract, but does not include the value of or credit given for traded-in tangible personal property owned by the lessee where the trade-in value of the property is assigned by the lessee to the lessor and where the property that is traded-in is of like kind and character to the vehicle that is being sold. Provides that the selling price of a motor vehicle that is sold on or after January 1, 2014 for the purpose of leasing the vehicle for a period of longer than one year shall not be reduced by the value of or credit given for traded-in tangible personal property owned by the lessor. Provides that the sale occurs at the time of the delivery of the vehicle, regardless of the due date of any of the lease payments. Effective January 1, 2014.

×