[ Search ] [ PDF text ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
|[ Introduced ]||[ Engrossed ]||[ Senate Amendment 001 ]|
92_SB1760enr SB1760 Enrolled LRB9215394SMdv 1 AN ACT concerning taxes. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Retailers' Occupation Tax Act is amended 5 by changing Section 5k as follows: 6 (35 ILCS 120/5k) (from Ch. 120, par. 444k) 7 Sec. 5k. Building materials exemption. Each retailer who 8 makes a qualified sale of building materials to be 9 incorporated into real estate in an enterprise zone 10 established by a county or municipality under the Illinois 11 Enterprise Zone Act by remodeling, rehabilitation or new 12 construction, may deduct receipts from such sales when 13 calculating the tax imposed by this Act. For purposes of this 14 Section, "qualified sale" means a sale of building materials 15 that will be incorporated into real estate as part of a 16 building project for which a Certificate of Eligibility for 17 Sales Tax Exemption has been issued by the administrator of 18 the enterprise zone in which the building project is located. 19 To document the exemption allowed under this Section, the 20 retailer must obtain from the purchaser a copy of the 21 Certificate of Eligibility for Sales Tax Exemption issued by 22 the administrator of the enterprise zone into which the 23 building materials will be incorporated. The Certificate of 24 Eligibility for Sales Tax Exemption must contain: 25 (1) a statement that the building project 26 identified in the Certificate meets all the requirements 27 for the building material exemption contained in the 28 enterprise zone ordinance of the jurisdiction in which 29 the building project is located; 30 (2) the location or address of the building 31 project; and SB1760 Enrolled -2- LRB9215394SMdv 1 (3) the signature of the administrator of the 2 enterprise zone in which the building project is located. 3 In addition, the retailer must obtain certification from the 4 purchaser that contains: 5 (1) a statement that the building materials are 6 being purchased for incorporation into real estate 7 located in an Illinois enterprise zone; 8 (2) the location or address of the real estate into 9 which the building materials will be incorporated; 10 (3) the name of the enterprise zone in which that 11 real estate is located; 12 (4) a description of the building materials being 13 purchased; and 14 (5) the purchaser's signature and date of purchase. 15 The deduction allowed by this Section for the sale of 16 building materials may be limited, to the extent authorized 17 by ordinance, adopted after the effective date of this 18 amendatory Act of 1992, by the municipality or county that 19 created the enterprise zone into
inwhich the building 20 materials will be incorporated retailer's place of business21 is located. The ordinance, however, may neither require nor 22 prohibit the purchase of building materials from any retailer 23 or class of retailers in order to qualify for the exemption 24 allowed under this Section. The corporate authorities of any25 municipality or county that adopts an ordinance or resolution26 imposing or changing any limitation on the enterprise zone27 exemption for building materials shall transmit to the28 Department of Revenue on or not later than 5 days after29 publication, as provided by law, a certified copy of the30 ordinance or resolution imposing or changing those31 limitations, whereupon the Department of Revenue shall32 proceed to administer and enforce those limitations effective33 the first day of the second calendar month next following34 date of receipt by the Department of the certified ordinanceSB1760 Enrolled -3- LRB9215394SMdv 1 or resolution.The provisions of this Section are exempt 2 from Section 2-70. 3 (Source: P.A. 91-51, eff. 6-30-99; 91-954, eff. 1-1-02; 4 92-484, eff. 8-23-01.) 5 Section 90. The State Mandates Act is amended by adding 6 Section 8.26 as follows: 7 (30 ILCS 805/8.26 new) 8 Sec. 8.26. Exempt mandate. Notwithstanding Sections 6 9 and 8 of this Act, no reimbursement by the State is required 10 for the implementation of any mandate created by this 11 amendatory Act of the 92nd General Assembly. 12 (Source: P.A. 91-51, eff. 6-30-99; 91-954, eff. 1-1-02; 13 92-484, eff. 8-23-01.) 14 Section 99. Effective date. This Act takes effect upon 15 becoming law.
[ Top ]