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Synopsis As Introduced Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that monuments and monument components purchased by nonprofit and veterans organizations for the purpose of honoring military veterans are exempt from taxation under the Acts. Limits the exemption to purchases from one retailer per monument or monument component.
House Committee Amendment No. 1 Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill. Provides that an exemption for monuments or monument components is limited to $2,000 per monument. Defines a monument as a structure, other than a building, erected with the primary purpose of commemorating a person or event.
Senate Committee Amendment No. 2 Replaces everything after the enacting clause. Reinserts the provisions of the engrossed bill. Further amends the Use Tax Act, Service Use Tax Act, Service Occupation Tax Act, and Retailers' Occupation Tax Act to provide that until July 1, 2003, and beginning again on the effective date of the amendatory Act and thereafter, coal and aggregate exploration (instead of only coal exploration), mining, offhighway hauling, processing, maintenance, and reclamation equipment, including replacement parts and equipment, and including equipment purchased for lease, but excluding motor vehicles required to be registered under the Illinois Vehicle Code are (1) exempt from specified taxes and (2) not subject to the uniform sunset provision. Makes revisory changes. Contains a non-acceleration provision. Provides that the entire bill is effective immediately.
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