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SB0572 Enrolled |
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LRB094 10940 AJO 41516 b |
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| AN ACT concerning local government.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Retailers' Occupation Tax Act is amended by |
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| adding Section 1p as follows: |
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| (35 ILCS 120/1p new) |
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| Sec. 1p. Building materials exemption; intermodal terminal |
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| facility areas. Each retailer that makes a qualified sale of |
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| building materials to be incorporated into real estate in a |
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| redevelopment project area within an intermodal terminal |
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| facility area in accordance with Section 11-74.4-3.1 of the |
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| Illinois Municipal Code by remodeling, rehabilitating, or new |
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| construction may deduct receipts from those sales when |
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| calculating the tax imposed by this Act. For purposes of this |
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| Section, "qualified sale" means a sale of building materials |
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| that will be incorporated into real estate as part of an |
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| industrial or commercial project for which a Certificate of |
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| Eligibility for Sales Tax Exemption has been issued by the |
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| corporate authorities of the municipality in which the building |
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| project is located. To document the exemption allowed under |
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| this Section, the retailer must obtain from the purchaser a |
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| copy of the Certificate of Eligibility for Sales Tax Exemption |
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| issued by the corporate authorities of the municipality in |
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| which the real estate into which the building materials will be |
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| incorporated is located. The Certificate of Eligibility for |
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| Sales Tax Exemption must contain all of the following: |
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| (1) A statement that the commercial or industrial |
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| project identified in the Certificate meets all the |
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| requirements of the jurisdiction in which the project is |
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| located. |
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| (2) The location or address of the building project. |
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| (3) The signature of the chief executive officer of the |